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Crude oil is trading around $101.54, above the 21-day SMA and above the psychological level of $100, signaling a positive trend. It may be setting the stage for a strong upward move, as evidenced by the formation of a bullish pattern known as a pennant.
If crude oil consolidates above $102 in the coming hours, we could expect it to continue rising until it reaches the 61.8% Fibonacci zone around 103.50; if it breaks above this level, we could expect it to reach the late-April high around $107.30.
If crude oil falls below the 21 SMA at $101.12, we could expect the technical correction to continue, with the price potentially reaching the 23.6% Fibonacci level around $99.15. If WTI breaks below this zone, we could expect crude oil to reach the 200 EMA around $93.06.
The outlook for crude oil remains positive, and it is likely to continue rising in the coming days and consolidate around the $97-to-$107 range. These range borders will provide opportunities to buy and sell, as fundamental data does not offer any clear direction for now.
The Eagle indicator is giving a positive signal, so if the price consolidates above the psychological level of $100, the outlook will remain positive until it reaches $107 and possibly $112.
*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।
