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Crude oil is trading around $68.45 within a narrow uptrend channel that has formed since early July. In the coming days, we could see a rally in crude oil that could push the price up to the psychological level of $70. Moreover, if it breaks above $70, we could expect it to reach the 0/8 Murray level around $75.
The Eagle indicator has reached overbought levels, so crude oil will face difficulty in its rise. If it consolidates above this zone, it is likely to reach $70 and then resume its downtrend.
In case of a pullback toward the June 25 high around $72.35, this zone could also serve as strong resistance, and we could open short positions below this zone.
The low reached around $67 now serves as strong support for crude oil. If downward pressure prevails, we could expect a double-bottom pattern to form around this area. If crude oil rebounds above this price level, it could be seen as a buying opportunity, as technically, we could expect a recovery up to $75.
A good area to open long positions would be to wait for the price to consolidate above the 21 SMA and above -1/8 Murray. These levels could act as support for crude oil, and a move above $68.75 could be seen as a buying opportunity with targets at the upper band of the uptrend channel around $70 and, ultimately, around $72.35.
*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।
