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The price of a crude oil barrel is trading around $95.30 within the uptrend channel formed since May 7 and is consolidating above the 21-day SMA, although it is showing signs of exhaustion.
If crude oil consolidates above $96.63 in the coming hours, this could be seen as a positive signal to buy, with targets at the psychological level of $100 around the 8/8 Murray line.
A decisive break above $100 could lead to further gains until the upper band of the uptrend channel around $103.26 is reached.
Conversely, a strong break below the uptrend channel and consolidation below $96.50 could be seen as a signal to sell, with targets at the 200 EMA around 93.80.
Looking at the H4 chart, we can see that crude oil left a gap around $91.30. If the price falls below the 200 EMA, it could fill this gap.
Our trading plan for the coming hours is to buy crude oil above $96.50, with targets at $100, and to sell if the price fails to consolidate above this zone.
Another possibility would be to sell below $96.50, with targets at $93.80, $91.30, and finally at the 7/8 Murray level around $87.50.
*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।
