Commodities
Crude Oil Extends Gains Amid Technical Strength
The price of crude oil has continued its upward trend due to strong technical signals. The main short-term bullish trend is dominating price action, with the commodity moving along a trend line that supports this trend.
The positive momentum is reinforced by the crude oil price trading above its EMA50, generating continued support for the rise. This has led to an increase in prices during intraday trading.
A positive divergence is also forming on relative strength indicators, which reached extremely oversold levels before the emergence of a positive crossover. This further supports the continuation of the rise and increases the chances of extending gains in the near term.