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Crude oil is trading around $92.94, rebounding after forming a double bottom pattern near the strong 7/8 Murray support level around $87.50.
Crude oil has strong upside potential until it reaches the psychological level of $100. We hold this bullish outlook because the price left a gap around $99.50, so we will continue buying in the coming days until this gap is filled.
Given that crude oil is in a strong resistance zone around the 200 EMA level, which could put temporary pressure on the price, we could still expect a strong recovery if the price consolidates above $93.10.
If the price falls below the 200 EMA, we could look for opportunities to open short positions, with targets at $90 and a potential return to $87.50.
However, our outlook is positive, and we expect a correction toward the 32.8% Fibonacci level or the 61.8% level around $90. Then, we could buy with targets at the 21 SMA located at the $95.33 level, which coincides with the upper band of the downtrend channel.
If crude oil decisively breaks out of the downtrend channel and consolidates above the 21 SMA around $95.33, this could be seen as a positive signal to buy, with targets at the 8/8 Murray level around the psychological $100 mark.
*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।
