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Crude oil (WTI) is trading around $63.64 per barrel with an upward bias and is likely to continue rising in the coming days until it reaches the 5/8 Murray and could eventually reach the upper band of the upward trend channel formed since early January at about $65.20.
If crude oil encounters immediate resistance around the 5/8 Murray at $64.06, we could expect a technical correction towards the 4/8 Murray at $62.50.
The indicator is approaching overbought levels, so it is likely that crude oil could undergo a technical correction in the coming days only if the price falls below $64.
A return below the 4/8 Murray pivot point located at $62.50 could be negative for crude oil, and we could then expect it to return towards the 21 SMA located at $61.64 and could even reach the 3/8 Murray around $60.93, a level that coincides with the bottom or lower band of the bullish trend channel.
Our trading plan for the next few hours is to sell crude oil only if it finds rejection around $64.06, with targets at $62.50 and $60.90.
*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।
