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Crude oil is trading around $89.27, above the 7/8 Murray line and within a symmetrical triangle pattern that has been forming since March 9. Crude oil will likely trade within this pattern in the coming days and could reach the $95.00 area. Subsequently, it could break out of the range to reach the $93 level, which serves as a decisive point for a bearish or bullish breakout.
Given that crude oil has reached the key support level of the uptrend channel, we expect a technical rebound above $87.50 or above the uptrend channel, which could be seen as a buy signal with targets at the 21 SMA around $91.87.
A break above $91.87 and above the 21 SMA could push crude oil to reach the upper band of the symmetrical triangle pattern around $97.20.
If crude oil reaches the top of the downtrend channel, this could be seen as a good opportunity to sell below $98, with targets back toward $87.
The Eagle indicator has reached oversold levels and is giving a positive signal, so crude oil will likely continue to rise in the coming days. If it breaks above $97.50, we could expect it to rebound to the psychological level of $100 again and could even reach +1/8 Murray around $112.50.
*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।
