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Crude oil (WTI) is trading around $93.47, a level that coincides with the 21-day SMA and represents strong daily support. During the European session, crude oil reached a high of $99.60 near the psychological $100 level. Since then, it has been unable to break above this zone. Meanwhile, it is going through a sharp decline.
If crude oil consolidates below $93 per barrel in the coming hours, we could expect the downward trend to continue until it reaches the 7/8 Murray level around $87.50.
Given that crude oil has reached the 61.8% Fibonacci retracement level drawn from its high of $112 to the $74 level, WTI will likely continue to fall in the coming days, and as long as the price trades below the 8/8 Murray level, this will be seen as a signal to continue selling.
If crude oil finds strong support around $93.50, this could be seen as an opportunity to buy on a technical rebound, with targets at $96 and $99.
A pullback toward the psychological $100 level is expected. If the price fails to consolidate above this zone, it will be seen as a signal to open short positions with targets around $80.00.
*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।
