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The WTI price is trading around $58.64 per barrel, retreating after encountering strong resistance near the psychological level of $60.00, which coincided with the 2/8 Murray level at $59.37, representing strong resistance.
Last week, crude oil attempted to break through the $59.60 zone but encountered strong resistance. Today, we are also seeing a second attempt, which could be forming a double top pattern.
A decline is likely to occur in the coming days towards the 200 EMA located at $57.96 and could eventually reach the 21 SMA at $57.41 only if the price falls below the double top pattern.
The formation of a technical pattern around $59.40 could confirm a strong bearish sequence for crude oil in the coming days, which is expected to reach the 0/8 Murray at $56.25.
A consolidation above $59.37 could change the bearish scenario, and WTI is expected to reach the psychological level of $60.00 and even the 3/8 Murray around $62.25.
The Eagle indicator is showing negative signals, so if a pullback occurs in the coming hours towards the 2/8 Murray, it will be seen as a signal to open short positions with targets at $56.25.
*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।
