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After several attempts since early April to consolidate above the 7/8 Murray line, the price of crude oil decisively broke through this strong support level, falling from $87.50 to a low of around $78.
Following a technical rebound above $78, we saw a slight recovery before the close of trading on Friday.
At the start of trading this week, crude oil is once again trading above $87.50. However, we observe a bullish gap that is likely to be filled in the coming days, and the price could fall toward the $81 level.
If the bullish momentum prevails and the crude oil price consolidates above the 200 EMA and above the 21 SMA, this could be a positive signal that could mark the start of a trend reversal, and it is likely that it will reach the psychological level of $100 over the coming days.
Given that crude oil has failed to break above the downtrend channel on several occasions, we predict a technical correction down to $81 or even to reach the 6/8 Murray level around $75 per barrel.
We should keep an eye on the $89 area to buy above this level and the $87.50 area to sell below it. These levels are decisive points for opening long or short positions.
*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।
