Crude Oil Technical Analysis 5 August 2020
Crude Oil Technical Analysis : The Crude Oil rose 1.73% against the USD on Tuesday and closed at 41.61. Today in the Asian session, while Crude Oil technical Analysis 5 August 2020 is preparing at 5:45 GMT, the Crude Oil trading at 42.00, which is 0.94% higher from Yesterday’s close.
The pair is expected to find support at 41.30 and a fall through could take it to the next support level of 40.50 The pair is expected to find its first resistance at 42.10 and a rise through could take it to the next resistance level of 42.40. Today’s expected trading range is between 39.75 support and 43.25 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 41.30
Support 2: 40.50
Support 3: 39.75
Important resistance levels:
Resistance 1: 42.10
Resistance 2: 42.40
Resistance 3: 43.25
Crude Oil buying opportunity for intraday trading on August 5, 2020
Buy near the support zones 41.30 and 40.50 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 August 5, 2020
Sell near the resistance zones 42.10 and 42.40 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.