Daily chart: Crude Oil is trying to break the resistance at the 94.46 level. Currently, the price of Crude Oil stays above the 200-day moving average, having made a bullish rebound in it and the support at the 92.79 level. If Crude Oil manages to break the resistance at the 94.46 level, it is expected to rise to the level of 96.73 in the medium term, where there is strong resistance. We should note that Crude Oil can make a bearish rebound in resistance in the 94.46 level to fall back to the support at the 92.79 level, something that is not completely ruled out for now. If Crude Oil manages to break the support at the 92.79 level, it is expected to fall to the level of 90.31. The MACD indicator remains in negative territory.
H4 chart: Crude Oil found dynamic resistance in the 200-day moving average. On the other hand, we must consider Crude Oil failed to break the support at the 91.93 level, where it was trying to form a higher low pattern. If Crude Oil managed to break the resistance at the 94.97 level, it is expected to rise to the level of 96.35, where there is a bearish trend line. While Crude Oil remains within the range between 94.97 and 91.93, it would be advisable not to make trading between that range, due to the high volatility with no clear pattern produced there. The MACD indicator remains in positive territory.
H1 chart: Close to the 200-day moving average and above the support at the level of 93.28, a Point of Control (POC) with strong support in Crude Oil was formed. Now, Crude Oil is forming a lower high pattern, below the resistance level of 94.16 and above the SMA 200. The signal here is clear, if crude Oil manages to break this resistance, it would be expected to rise to the level of 94.82. On the other hand, if Crude Oil manages to break the support at the 93.28 level, it is expected to fall to the level of 92.42. We should note that while Crude Oil moves amid the SMA 200, it would be advisable to avoid to do intraday trading, unless Crude Oil breaks above those levels. The MACD indicator remains in positive territory, but is approaching overbought levels, so we must be careful.
Fundamental outlook: For today’s session in the United States at 14:30 GMT Crude Oil Inventories (Previous: 3.0M / Forecast: -0.356M) will be released.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the Crude Oil breaks with a bearish candlestick, the support level is at 93.28, take profit is at 92.42, and stop loss is at 94.16. Place buy (long) orders only if the USDJPY pair breaks with a bullish candlestick, the resistance level is at 94.16, take profit is at 94.82, and stop loss is at 93.54.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Crude Oil is trying to break the resistance at the 94.46 level. Currently, the price of Crude Oil stays above the 200-day moving average, having made a bullish rebound in it and the support at the 92.79 level. If Crude Oil manages to break the resistance at the 94.46 level, it is expected to rise to the level of 96.73 in the medium term, where there is strong resistance. We should note that Crude Oil can make a bearish rebound in resistance in the 94.46 level to fall back to the support at the 92.79 level, something that is not completely ruled out for now. If Crude Oil manages to break the support at the 92.79 level, it is expected to fall to the level of 90.31. The MACD indicator remains in negative territory.
H4 chart: Crude Oil found dynamic resistance in the 200-day moving average. On the other hand, we must consider Crude Oil failed to break the support at the 91.93 level, where it was trying to form a higher low pattern. If Crude Oil managed to break the resistance at the 94.97 level, it is expected to rise to the level of 96.35, where there is a bearish trend line. While Crude Oil remains within the range between 94.97 and 91.93, it would be advisable not to make trading between that range, due to the high volatility with no clear pattern produced there. The MACD indicator remains in positive territory.
H1 chart: Close to the 200-day moving average and above the support at the level of 93.28, a Point of Control (POC) with strong support in Crude Oil was formed. Now, Crude Oil is forming a lower high pattern, below the resistance level of 94.16 and above the SMA 200. The signal here is clear, if crude Oil manages to break this resistance, it would be expected to rise to the level of 94.82. On the other hand, if Crude Oil manages to break the support at the 93.28 level, it is expected to fall to the level of 92.42. We should note that while Crude Oil moves amid the SMA 200, it would be advisable to avoid to do intraday trading, unless Crude Oil breaks above those levels. The MACD indicator remains in positive territory, but is approaching overbought levels, so we must be careful.
Fundamental outlook: For today’s session in the United States at 14:30 GMT Crude Oil Inventories (Previous: 3.0M / Forecast: -0.356M) will be released.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the Crude Oil breaks with a bearish candlestick, the support level is at 93.28, take profit is at 92.42, and stop loss is at 94.16. Place buy (long) orders only if the USDJPY pair breaks with a bullish candlestick, the resistance level is at 94.16, take profit is at 94.82, and stop loss is at 93.54.
The material has been provided by InstaForex Company – www.instaforex.com
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