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The WTI price fell to $56.52 after being rejected at about $58.67, a key level reached on December 24.
In the chart, we can see that the price formed a double top pattern, so it is likely to continue falling in the coming days until it reaches the 1/8 Murray around $54.68.
We can see that the US dollar is strengthening, which in turn is putting pressure on the price of a barrel. Therefore, crude oil is likely to continue its fall under downward pressure in the coming days. In the short term, oil could reach the psychological level of $50 per barrel.
The Eagle indicator is showing a bearish signal, and we expect a technical rebound from current price levels. If crude oil finds resistance around the 21 SMA located at $57.30, it will be seen as an opportunity to resume its bearish cycle.
If crude oil reaches the support of the downtrend channel around $55.68, it could be seen as a good point to open long positions with a target at $57.80.
In the coming days, WTI is expected to trade within the bullish-bearish trend channel formed since December 24.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
