The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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WTI crude oil is trading around $103.24, consolidating above the psychological level of $100. Crude oil is expected to continue rising in the coming days until it reaches the +1/8 Murray level around $112.50.
Given that crude oil is holding within its uptrend channel and has tested this channel support on several occasions, a pullback toward the 21 SMA around $99.63 is expected. Should crude oil reach the lower band of the uptrend channel around $97, this could be viewed as an opportunity to open long positions.
At current price levels, we can continue buying crude oil, although there is strong weekly resistance around $106.60. It is likely that if the price encounters resistance in this zone, a technical correction could occur.
The outlook for crude oil remains bullish; however, it is reaching exhaustion levels, so if WTI consolidates below its high of $106.50 in the coming hours, we could look for opportunities to open short positions with targets at the psychological level of $100 and at $97.
A decisive break of the uptrend channel formed since February 25 could change the outlook for WTI crude oil. If consolidation occurs below $96, we could expect the price to reach the 200 EMA around the 7/8 Murray line.
*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।
