Is crude oil creeping up again?

 Well, it is close to mid of the week and by right I am not supposed to have any entry. I just could not help myself, I have to type in something . 

So I went through the charts to take a look at those I have previous entry. I saw Crude Oil. My last entry Crude oil up-date 16/7/2022 was just more and a month ago, I guess it is worthwhile talking about it,  especially WHEN IT HAS JUST HIT A SUPPORT LEVEL!

Fig 1. Crude Oil Weekly Chart

In my last entry on this counter, I measured using projection with a support level of 86.11, which coincidentally near the neckline and the 55-week moving average support level. Apparently there are sufficient number of support to pause the descend.

It is presently resisted by the 8-week moving average @ 94.51 with neckline at 92.93.

So what now?

It seems to me that crude oil has been either congest or into minor correction since 7th August 2022. It is creeping higher this week. In fact an engulfed candlestick pattern. However, as we have yet to reach mid of the week, the formation is incomplete until the end of the week.

It is also worth noting that the trade volume on the rise when the price was coming down and receded upon congestion and rising prices. This is a good sign. What about the bad? MACD is about to cross, if it does so, we might see a larger correction with resistance between 109 to 115 ( retracement resistance ).

 My take is that as long as it does not supersede 98.65, which was the high of 31st July 2022, the chance of continuous descend is still higher.

Let's cross our fingers that it may continue downslide after week, just a reminder to pump fuel by Thursday just in case the gas station increases the petrol price.