Crude Oil Technical Analysis 16 October 2020
Crude Oil Technical Analysis : The Crude Oil declined 0.46% against the USD on Thursday and closed at 41.22. Today in the Asian session, while Crude Oil technical Analysis 16 October 2020 is preparing at 5:15 GMT, the Crude Oil trading at 41.00, which is 0.50% lower from Yesterday’s close.
The pair is expected to find support at 40.70 and a fall through could take it to the next support level of 40.00 The pair is expected to find its first resistance at 41.50 and a rise through could take it to the next resistance level of 42.00. Today’s expected trading range is between 39.30 support and 42.80 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 40.70
Support 2: 40.00
Support 3: 39.30
Important resistance levels:
Resistance 1: 41.50
Resistance 2: 42.00
Resistance 3: 42.80
Crude Oil buying opportunity for intraday trading on October 16, 2020
Buy near the support zones 40.70 and 40.00 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
Crude Oil selling opportunity for intraday trading on October 16, 2020
Sell near the resistance zones 41.50 and 42.00 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.