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Crude oil is trading around $97.68, rebounding after reaching the $97 level, which coincides with the lower band of the uptrend channel; a technical rebound above this level could occur in the coming hours.
If crude oil consolidates above $97 in the coming hours, this could be seen as a positive signal to buy, especially since the price remains within the uptrend channel. We could expect it to reach Murray's 8/8 level around $100 and potentially even reach the $102.25 zone near the daily R_2.
Conversely, if a decisive break and consolidation below $97 happens, the price could quickly reach the 21 SMA at $95 and even reach the 200 EMA around $90.34.
The H4 chart shows that crude oil remains within the bullish channel, so it is expected to continue rising in the coming days.
In case of a decisive break below the bearish trend channel, we could look for opportunities to open short positions, anticipating that it will reach the $83.25 zone in the short term, where the gap was left on April 17.
Our outlook for the coming hours is to buy above $97 or sell below $102.11, waiting for a bullish scenario to develop before opening short positions, as the market is technically overbought.
*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।
