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Crude oil managed to remain within the uptrend channel formed since August 4. During Monday's Asian session, it consolidated around the lower band of the uptrend channel and experienced a strong technical rebound. Crude oil resumed its uptrend above $81.25 and is likely to continue rising in the coming hours.
Crude oil reached its July 31 high around $84.65 and is technically very close to retesting that level. Therefore, we believe that if the price breaks through and surpasses $84.065 in the coming hours, we could expect it to quickly reach the 6/8 Murray level around $87.50 and might even reach the upper band of the uptrend channel around $88.90.
In the event of a technical correction and if the price consolidates above $83, we could expect a technical rebound around the lower band of the uptrend channel, which could be considered an opportunity to open long positions.
Only a decisive break below the uptrend channel and consolidation below the 5/8 Murray level would lead us to expect crude oil to fall in the coming days until it reaches the key $75 level, around the 4/8 Murray level.
The Eagle indicator is showing a negative signal. Hence, we believe a good idea to sell would be to wait for the price to reach the 6/8 Murray level or for a decisive break below the uptrend channel.
*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।
