Crude Oil Technical Analysis 7 August 2020
Crude Oil Technical Analysis : The Crude Oil declined 0.33% against the USD on Thursday and closed at 42.17. Today in the Asian session, while Crude Oil technical Analysis 7 August 2020 is preparing at 5:45 GMT, the Crude Oil trading at 41.75, which is 1.00% lower from Yesterday’s close.
The pair is expected to find support at 41.65 and a fall through could take it to the next support level of 41.25 The pair is expected to find its first resistance at 42.70 and a rise through could take it to the next resistance level of 43.25. Today’s expected trading range is between 40.30 support and 43.25 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 41.65
Support 2: 41.25
Support 3: 40.30
Important resistance levels:
Resistance 1: 42.70
Resistance 2: 43.25
Resistance 3: 45.00
Crude Oil buying opportunity for intraday trading on August 7, 2020
Buy near the support zones 41.65 and 41.25 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 7, 2020
Sell near the resistance zones 42.70 and 43.25 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.