Daily chart: Yesterday, Crude Oil had a very bearish session, leading it to fall to the support level at 92.79, which is placed the 200-day moving average. It was very difficult to break this support weeks ago and this makes it a very important to the development trend of Crude Oil in the long term. If the Crude Oil breaks the support at the 92.79 level, it is expected to fall to 90.31 level. On the other hand, it is possible to make a bullish rebound above this support and rises to the resistance level of 94.46. The MACD indicator remains in negative territory and is still showing a lot of strength in the bearish trend of the moment, in the Crude Oil.
H4 chart: The Crude Oil failed to finish formation of a lower high pattern below the bullish trendline near the 96.20 level and quickly began to fall to the level of 92.80, below the 200-day moving average. The Crude Oil may continue to fall to the support level at 92.13. If the Crude Oil breaks this support, it is expected to fall to the level of 89.36. On the other hand, if the resistance Crude Oil breaks at the level of 94.97 are expected to rise to the level of resistance at 95.90. The MACD indicator is in negative territory and still showing a lot of strength in the bearish trend of the moment.
H1 chart: In yesterday’s session, Crude Oil failed to break the resistance at the 94.82 level, where it formed a Point of Control (POC) and the 200-day moving average. The Crude Oil began to fall heavily, breaking the supports in the levels of 94.16 and 93.18. It is very possible that the Crude Oil fall to the support at 92.42 level. If the Crude Oil breaks the support at the 92.42 level, it is expected to fall to the level of 91.21 in the coming hours. Currently, Crude Oil is forming a higher low pattern above the 92.42 level and it is very possible that it can break this support, to finish forming this bearish pattern. We must beware of Crude Oil, because the MACD indicator is showing oversold extremes.
Fundamental Outlook: For today’s session in the United States, at 15:00 GMT Crude Oil Inventories (Previous: -0.3M / Forecast: -0.8M) will be published.
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 92.42, take profit is at 91.21, and stop loss is at 93.61.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Yesterday, Crude Oil had a very bearish session, leading it to fall to the support level at 92.79, which is placed the 200-day moving average. It was very difficult to break this support weeks ago and this makes it a very important to the development trend of Crude Oil in the long term. If the Crude Oil breaks the support at the 92.79 level, it is expected to fall to 90.31 level. On the other hand, it is possible to make a bullish rebound above this support and rises to the resistance level of 94.46. The MACD indicator remains in negative territory and is still showing a lot of strength in the bearish trend of the moment, in the Crude Oil.
H4 chart: The Crude Oil failed to finish formation of a lower high pattern below the bullish trendline near the 96.20 level and quickly began to fall to the level of 92.80, below the 200-day moving average. The Crude Oil may continue to fall to the support level at 92.13. If the Crude Oil breaks this support, it is expected to fall to the level of 89.36. On the other hand, if the resistance Crude Oil breaks at the level of 94.97 are expected to rise to the level of resistance at 95.90. The MACD indicator is in negative territory and still showing a lot of strength in the bearish trend of the moment.
H1 chart: In yesterday’s session, Crude Oil failed to break the resistance at the 94.82 level, where it formed a Point of Control (POC) and the 200-day moving average. The Crude Oil began to fall heavily, breaking the supports in the levels of 94.16 and 93.18. It is very possible that the Crude Oil fall to the support at 92.42 level. If the Crude Oil breaks the support at the 92.42 level, it is expected to fall to the level of 91.21 in the coming hours. Currently, Crude Oil is forming a higher low pattern above the 92.42 level and it is very possible that it can break this support, to finish forming this bearish pattern. We must beware of Crude Oil, because the MACD indicator is showing oversold extremes.
Fundamental Outlook: For today’s session in the United States, at 15:00 GMT Crude Oil Inventories (Previous: -0.3M / Forecast: -0.8M) will be published.
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 92.42, take profit is at 91.21, and stop loss is at 93.61.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: