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Crude oil is trading around $81.21 within a downtrend channel that has been forming since July 25, below the 5/8 Murray line and below the 21 SMA with a bearish bias, but we could expect a recovery in the coming days.
Technically, crude oil has reached overbought levels, and we could expect it to find strong support around the psychological level of $80 or around the 200 EMA, which could trigger a technical rebound and be considered an opportunity to open long positions.
If crude oil consolidates above $82, we could expect the outlook to be positive, and it could reach the July 30 high of around $84.64.
We can see on the chart that crude oil has left a gap around $84.64 and another around $76.20. Therefore, we believe that if the price falls below the psychological level of $80, we could expect it to fill this gap and might even reach the strong 4/8 Murray support level around $75.
The Eagle indicator has reached overbought levels around 95 points and is showing a negative signal. Technically, crude oil is currently above strong support, so after a technical correction, we could expect the price to continue rising in the coming days.
We must closely monitor the key level of $80. Above this zone, any technical rebound could be viewed as a buying opportunity, with the potential to reach $84.64 and ultimately the 6/8 Murray level around $87.50.
Conversely, a drop below $79.95 could be seen as a clearly negative signal, and we expect it to reach the lower band of the downtrend channel around $71.
*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।
