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Crude oil has seen a massive reversal getting resistance from 73.6 levels which are the levels I had mentioned that these are achievable but are greater resistance and on the downside yes it has filled the Gap as well now what to expect can we expect oil to
Reverse from the current levels or is it going to trade further bearish from now which position we should take trading crude oil today we will see with the help of charts and indicators towards the end I will give you the trading levels and do watch till the end if
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The Subscribe icon let’s start first to look into rly charts here on the rly charts if you look at see this was the formation then the retracement and then a sharper drop now again it is trying to stabilize at the current level now I’ll wait for it to break Beyond 71 and then
71.5 levels if these two levels are taken we can expect that oil is going to reverse Beyond 71.5 is where we can expect little more bullishness and it can continue its upward Journey else it is still trying to trade bearish lower highs and lower lows are getting created
It is almost at the bottom of this channel the top of this channel again at around 73.2 73.5 Z the stock I has hit a bottom magd is extremely bearish it has hit a bottom double bottom levels a possible crossover from here can lift the prices
On the upside RSI Trading that near to bottom coming to two similar observation here on the 2hour charts as well getting the support here at the bottom trying to trade with this support it prices might reverse but we have to wait for it to stay above 71 and 71.5 levels if these
Two levels are taken you can say prices are reversing see the moving averages are trading with Divergence prices are Divergent from the moving average at best it can try to converge towards the 20 period or the median that is sitting at around 71.5 and 72 levels stock itic is oversold magd is extremely
Bearish Divergent and it is again sitting at Double bottom level so crossover from here can bring the bullishness RSI is flat near to bottom coming to three now on the 3our chart see a preceding two candles lower highs lower lows we have to and also one must
See this candle has started in red and continuing on the downside now on the downside once the prices stays below 70.2 that is the point below which we can expect prices to trade bearish and then I will look forward to 69.8 69.6 Zone as a first support levels if the
Price stays below 69.8 69.6 we can say that it is turning bearish else it is still scope for it to rise right now look at the formation very simple drop retracement drop and it can retrace again but once it stays above 74 that is the only level above which we can say
That now the oil has reversed the stock itic oversold magd Divergent and bearish again double bottom I will definitely Ely watch out if it converges from the current levels RSI sitting at the bottom here coming to 4 similar observation on the 4our charts here as well see the retracement candles are smaller the
Sharper bearish candles are sharp second thing is the bearishness is getting diminished in these two candles a bigger bearish candle a smaller bearish candle and then we have seen the movement in a very uh range bound Zone does a reversal or a retracement can be expected if the
Price stays above 71 levels we can expect it to move towards 72 and then it will continue to achieve the lower highs here where are the lower highs towards 73 73.5 remember I have shared it yesterday and again I mentioning above 74 is where we can say that prices are
Turning bullish above 76.5 we can say it is completely reversed also one must note on the 4our charts higher highs higher lows it is still trading after this sharp drop it is still trading in this bullish channel the stock ktic is oversold here magd is Divergent and
Bearish RSI is sitting at the bottom coming to the Daily before we look into the daily charts and I give you the trading levels and strategy if you want to learn this art of trading you can be part of my 2th mentor 28th mentorship batch commencing in second and third
Week of January register yourself n itself reach out to me for more details also you can find the details related to curriculum timings and everything else on my platform www.forex.com this platform has much more to offer be the economic calendar you’ll find the economic calendar here
And you can see it clearly suggests that what is the impact of the news see today we have a manufacturing PMI it suggests that it has a major impact on the market this is specifically for indices and you can also look at the FC minute later in
The day this is also going to bring volatility tomorrow for crude oil we have uh data that is inventory data which is definitely going to impact the crude oil prices and prices might reverse from those levels you can find out the impact here you can see this
Very clearly it is mentioned for crude oil does with the platform and it is much more to offer it also has a community for Trader where you can discuss with the like-minded Traders also you can schedule a call with me if you need any consultation or guidance this consultation is completely free if
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Now look at the daily charts here on the daily charts see first of all yesterday the markets opened with a gap we have seen prices rising now the median of this is somewhere here at around 72 and th above 72 is where we can say that now the
Bulls will try to move the prices on the upside now see higher highs lower lows median here above 72 only confirmation of a reversal also one must note that what is happening here on the long term is first of all see this is where we are looking at this is a bearish channel
Here on the long term but in the near term you will find higher highs higher lows the $70 levels are going to play a major role in deciding the movement in oil for today if you see it is staying below 6 70.2 we can initiate a selling
Position and 7 $ levels are critical so 69.8 69.6 is something you should watch out for the next support levels that is the only selling point you can initiate in oil today now on the upside we have discussed that 71 is a good entry point
And then we have to wait for it to break Beyond 72 now see Rise retracement now you can also trade this like this and after this retracement once the price is stays above 74 we can expect higher highs stock itic is oversold magd now look at mag mag it is trying to converge
And cross over again but remember double bottom levels even if it tries to retest there is a possibility of a reversal in the later sessions RSI looking down considering this one can sell oil today at 70.2 but or rather $70 levels very safe for entry and on the downside 69.6
69.8 is the first support Zone below 69.6 we can look forward to 69.2 and if it breaks below 69.2 certainly the beers will take over and then prices will try to move towards $68 levels in the near future on the upside I will recommend you to buy here at 71 Beyond 71 the
Possibility for next Target is 71.4 71.5 which is going to be the first resistance Zone and Beyond this we can look forward to 72 levels at the next Target yes if you see the price is staying above 72 we can say that uh reversal has initiated and then if you
See any point of time if today tomorrow or next week price is staying above 74 one can say that oil has reversed and it is going to Rally take your trades accordingly like share subscribe and comment join my mentorship B join my signal Channel join my free telegram
Channel reach out to me for more details also join the webinar series all the services are mentioned on my platform www.forex.com and on my free telegram Channel thank you very much have a great profitable trading day see you again before the US