{"id":5251,"date":"2021-03-19T08:00:00","date_gmt":"2021-03-19T08:00:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=5251"},"modified":"2021-03-19T14:08:10","modified_gmt":"2021-03-19T14:08:10","slug":"crude-oil-technical-analysis-bounce-back-underway","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-bounce-back-underway\/","title":{"rendered":"Crude Oil Technical Analysis &#8211; Bounce back underway"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5251\" class=\"elementor elementor-5251\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-999bb4d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"999bb4d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b35b1e\" data-id=\"5b35b1e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12b84fa elementor-widget elementor-widget-text-editor\" data-id=\"12b84fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The oil market has taken a hammering over the last twenty-four hours as technical sellers caused <a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\" rel=\"noopener\">crude<\/a> and <a href=\"https:\/\/bit.ly\/2P5Hjy2\" target=\"_blank\" rel=\"noopener\">Brent<\/a> oil to fall by close to ten percent. News surrounding a steep rise in COVID-19 infections in Europe prompted the huge price slump.<\/p><p>Crude oil has since bounced of the $58.00 support zone and is looking to reclaim the $60.00 handle once again. It should be noted that the oil market is still vulnerable to further downside as the bearish news surrounding new lockdowns in Europe continues to drop.<\/p><p>Other factors influencing the price of crude oil include a rising <a href=\"https:\/\/bit.ly\/3eIXPz1\" target=\"_blank\" rel=\"noopener\">US dollar<\/a>, which can reduce foreign demand, and a crude stockpile build up in the United States. Some vaccine companies are also having trouble meeting demand.<\/p><p>On the technical front, a huge monthly trendline was breached during yesterday\u2019s price drop below the $63.00 level. Crude oil rallied by $5.00 once this key trendline was breached earlier this month, and in turn dropped by $5.00 when it was breached to the downside yesterday.<\/p><p>The market is certainly looking at this big trendline, which can be drawn on the monthly time frame by attaching the 2008 trading high, the all-time price high for crude, and the 2013 and 2014 trading highs, and is located at $63.00.<\/p><p>Going forward, bulls probably need to secure daily, weekly, and monthly price closes back above this trendline to secure the medium-term prospects for crude oil. Much will depend on the news surrounding the global economy and COVID-19 lockdown over the coming weeks.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a703501 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a703501\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f713d7d\" data-id=\"f713d7d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-867b9da elementor-widget elementor-widget-image\" data-id=\"867b9da\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"109\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/Crude-chart-1.png\" class=\"attachment-large size-large wp-image-5264\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f608b03 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f608b03\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8490252\" data-id=\"8490252\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d3b0054 elementor-widget elementor-widget-text-editor\" data-id=\"d3b0054\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>According to the ActiveTrader market sentiment tool some 84 percent of traders are bullish towards crude oil. Retail traders have been crushed during the weekly price pullback from the $65.00 region as the herd has remained bullish during the entire price drop.<\/p><p>Going forward, if crowd sentiment remains at this current extreme level a new short-term bearish is likely to form in crude oil. Sentiment may need to neutralize in order for the recovery to be sustainable.<\/p><p><strong>Crude Oil short-term Technical Analysis<\/strong><\/p><p>The lower time frames currently show that crude oil has formed a massive head and shoulders pattern after the recent price crash towards the $48.00 support zone.<\/p><p>According to the overall size of the bearish pattern crude oil could fall by as much as $10.00 if the $58.00 support zone is activated, meaning that crude oil may fall towards the $48.00 level if the pattern is triggered.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3f3e600 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3f3e600\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a7ce04e\" data-id=\"a7ce04e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-32c4f75 elementor-widget elementor-widget-image\" data-id=\"32c4f75\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"346\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/LCrude-4h-1.png\" class=\"attachment-large size-large wp-image-5266\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8f25b95 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8f25b95\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e1101fd\" data-id=\"e1101fd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5f41c86 elementor-widget elementor-widget-text-editor\" data-id=\"5f41c86\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f89a709 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f89a709\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d18d8d9\" data-id=\"d18d8d9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6b54634 elementor-widget elementor-widget-text-editor\" data-id=\"6b54634\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Crude Oil medium-term Technical Analysis<\/strong><\/p><p>The monthly time frame shows that a triangle pattern has formed, which is located between the $68.00 and $52.00 level. Crude oil has recently been rejected from the top of the triangle and may be headed back towards the bottom of the triangle.<\/p><p>The Ichimoku indicator on the monthly time frame is also showing that the $58.00 level is strong support from the Ichimoku cloud. It is possible that a big decline could start if price breaks the $58.00 level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b62e54a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b62e54a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b037704\" data-id=\"b037704\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5fb1f2b elementor-widget elementor-widget-image\" data-id=\"5fb1f2b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"350\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/LCrude-1m-2.png\" class=\"attachment-large size-large wp-image-5267\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d172324 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d172324\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8528f0d\" data-id=\"8528f0d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-88f703b elementor-widget elementor-widget-text-editor\" data-id=\"88f703b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The oil market has taken a hammering over the last twenty-four hours as technical sellers caused crude and Brent oil to fall by close to ten percent. News surrounding a steep rise in COVID-19 infections in Europe prompted the huge price slump. Crude oil has since bounced of the $58.00 support zone and is looking [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,9,7],"tags":[45,64,67],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude Oil Technical Analysis - Bounce back underway - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-bounce-back-underway\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Oil Technical Analysis - Bounce back underway\" \/>\n<meta property=\"og:description\" content=\"The oil market has taken a hammering over the last twenty-four hours as technical sellers caused crude and Brent oil to fall by close to ten percent. 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Crude oil has since bounced of the $58.00 support zone and is looking [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-bounce-back-underway\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-19T08:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-19T14:08:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GettyImages-1215079315.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"509\" \/>\n\t<meta property=\"og:image:height\" content=\"327\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-bounce-back-underway\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-bounce-back-underway\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Crude Oil Technical Analysis &#8211; 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