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USD/OIL is trading around $100.47, above the 21-day moving average and within the uptrend channel that has been forming since early October. The H4 chart shows a strong bullish trend.
CL attempted twice to break above $100 and, after a technical correction toward $95, produced a strong technical rebound, suggesting that further upside is likely in the coming days, toward $103.84 and potentially the +1/8 Murray level near $106.25.
Given that crude oil has upside potential, we could look for buying opportunities above $100 and above the 8/8 Murray level, with targets at the upper band of the ascending channel around $103.84.
Conversely, a drop and hold below $100 would be a sell signal, with a target of $98.62. If bearish momentum intensifies and crude oil breaks below $97.70, we could expect a sharp decline toward the 200 EMA at about $92.83.
As long as the price of crude oil remains above $100, we could expect it to continue rising in the coming days, which would be a positive signal. Conversely, if the price falls below $100, that would indicate renewed downward pressure.
Note that the Eagle indicator has reached overbought levels, implying that the market may be nearing a technical correction. Given this, we should keep an eye on the $98 area. A break below that level could trigger a sharp downward move.
*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।
