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Crude oil is trading around $99.57, undergoing a technical correction after reaching a high of $100.69. If the price consolidates below the 8/8 Murray line and below the psychological level of $100, this could signal a technical correction toward the lower band of the uptrend channel.
If crude oil breaks above the psychological level of $100 and consolidates above this zone in the coming hours, we can expect the uptrend to continue, potentially reaching $101.76, the level of the daily resistance. The instrument could even reach the upper band of the trend channel around $103.81.
If the price consolidates below $100 in the coming hours, this could be seen as a signal to sell, with targets at the 21 SMA around $97.50. We could even expect it to reach the area of the uptrend channel around $96.30.
A decisive break of the uptrend channel could lead to a strong technical correction, and we could expect crude oil to retest the level it left around $91.60. Ultimately, we could see a sharp drop toward the 7/8 Murray level around $87.50.
Our trading plan for the coming hours is to sell below the psychological level of $100 or buy above $100 if the price consolidates above the 8/8 Murray line, with targets at about $101.76.
The Eagle indicator is showing a positive signal, so we believe that any pullback in crude oil prices will be seen as a signal to continue buying.
*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।
