The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Crude oil is trading at $91.69 after reaching a new high around $92.50. Technically, crude oil has reached overbought levels, and we could expect a technical correction to occur in the coming days before it resumes its uptrend, which could reach the psychological level of $100.
Given that crude oil is in an overbought zone and has reached resistance levels, we believe the technical correction could continue in the coming hours. We expect the instrument to find strong support around $89.98, where the 21-day SMA is located, or it could find strong support around the lower band of the uptrend channel at $89.30.
A technical rebound above the 21 SMA or above the uptrend channel could serve as a good signal to open long positions, with the expectation that it will reach the 7/8 Murray level around $93.50 and could eventually reach the upper band of the uptrend channel at $97.10.
Crude oil has upside potential, and any pullback could be viewed as a signal to continue buying in the coming days if the price consolidates above the 6/8 Murray level.
A decisive break below $89.98 could change the outlook for crude oil; we could expect a technical correction toward $87.50, or it could even reach the 200 EMA around $83.90.
A correction to the 61.8% Fibonacci level around $83.90 could be seen as an opportunity to resume its uptrend. However, from a technical perspective, we should keep an eye on the $90 area; above this level, we could expect crude oil to continue rising, and below it, we could expect a technical correction toward $83.
*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।
