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 around $92.03, above the 21-day SMA and within the uptrend channel that has been forming since early March.
After finding support around $88.00 per barrel, crude oil is rebounding and is now consolidating above the psychological level of $90 and above the 21 SMA. It is expected to continue rising in the coming days until it reaches the psychological level of $100.
Looking at the 4-hour chart, crude oil has found strong support around $87 and is expected to continue rising in the coming days, potentially reaching $97 and even hitting its weekly high around $101.90.
In case crude oil falls below $87.50, decisively breaking the bullish trend channel, we could expect it to continue its bearish bias and potentially reach the 200 EMA around $82.02, and ultimately test the 6/8 Murray level around $75 per barrel.
The outlook remains bullish, and the Eagle indicator is showing a positive signal. As long as the USD/OIL price trades above $87.50, any pullback should be viewed as an opportunity to continue buying crude oil in the coming days.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
