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Crude oil is trading around $100.75 after undergoing a sharp technical correction when it reached its high of $103.40. WTI is expected to continue falling until it reaches the 21-day moving average.
If crude oil falls below the psychological level of $100, we could expect it to reach the 21 SMA around $97.73, which could then be seen as an opportunity to resume its uptrend. In the coming days, it could reach the top of the uptrend channel around $110.14.
Conversely, if crude oil breaks below $97, we could expect it to approach the lower band of the uptrend channel around $95; this area could offer a good entry point for long positions with targets at +1/8 Murray around $112.50.
Only a decisive break below the uptrend channel and consolidation below $95 could change the outlook for crude oil, and we could expect it to reach $87.50 per barrel in the short term and potentially even hit the 6/8 Murray level around $75.
On February 27, WTI crude oil left a gap around $64.70, so if oil falls below $82, it could reach this level in the coming weeks.
As long as the price of crude oil remains within the uptrend channel, any pullback will be seen as a buying opportunity, with a target at $112.50. Above this level, crude oil could reach $120 per barrel.
*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।
