Crude Oil Technical Analysis 7 January 2021
Crude Oil Technical Analysis : The Crude Oil rose 1.15% against the USD on Wednesday and closed at 50.46. Today in the Asian session, while Crude Oil technical Analysis 28 December 2020 is preparing at 5:15 GMT, the Crude Oil trading at 50.83, which is 0.61% higher from Yesterday’s close.
The pair is expected to find support at 49.75 and a fall through could take it to the next support level of 48.40 The pair is expected to find its first resistance at 51.25 and a rise through could take it to the next resistance level of 52.00. Today’s expected trading range is between 48.40 support and 52.00 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 49.75
Support 2: 48.40
Support 3: 47.35
Important resistance levels:
Resistance 1: 51.25
Resistance 2: 52.00
Resistance 3: 52.50
Crude Oil buying opportunity for intraday trading on January 7, 2021
Buy near the support zones 49.75 and 48.40 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 January 7, 2021
Sell near the resistance zones 51.25 and 52.00 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.