Crude Oil Price Pauses Briefly After Strong Gains

Crude oil price has continued its strong gains in recent intraday trading, but is now pausing briefly to catch its breath and alleviate some of its overbought conditions. The price has been moving along major and minor trend lines, supporting the main bullish trend in the short term.

The Crude Oil price is currently above the EMA50, which provides renewed positive momentum and reinforces the chances of further gains. However, a bearish crossover emerging on the relative strength indicators suggests that the price may be due for a correction.