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Crude oil is currently trading around $101.69, consolidating above the psychological level but showing signs of exhaustion as it is technically reaching resistance levels.
If in the coming hours crude oil approaches the upper band of the downtrend channel formed since early March around 103.80, this could be considered an opportunity to take short positions. Besides, we can go short from current price levels with medium-term targets around the 200 EMA at $78.36.
We could expect crude oil to consolidate above the psychological level of $100 over the next few days and below the downtrend channel. A range could form between $103.80 and $104, which could present an opportunity for both buying and selling.
With a decisive break above the downtrend channel and consolidation above $104.00 per barrel, a bullish scenario could be expected. Thus, crude oil could reach the March 3 high around $112.50.
A drop below the 21 SMA at $98.36 and consolidation below this level could signal a bearish scenario. We could view this price movement as a sell signal, with targets at the 7/8 Murray line around $87.50 and ultimately at the lower band of the downtrend channel around $78.36.
The daily chart suggests that crude oil could be fluctuating between $103 and $78. However, we should pay attention to the Eagle indicator, as it is showing a positive signal, and only a break above this channel could change the outlook for crude oil.
*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।
