Crude oil (#CL) is trading below a downward pressure line that started from the maximum at 74.00 on July 30 and keeps the rise limited since August 12. The price is trying to break this downward channel but each time it falls without success.
Crude oil has important support at the 2/8 Murray line. This level has acted as a strong bottom on several occasions, which has prevented the commodity from continuing its decline. Now we believe that it will be a good point to buy above 65.62.
On the other hand, the break above the downtrend channel around 67.19 could give bullish momentum. If the price reaches 4/8 Murray located at 68.75, it is likely to rise to the psychological level of 70.57.
The technical reading of the Eagle indicator is showing low volume in the oil market with lateralization for more than a week. Therefore, we should wait for a break above the SMA 21 or the downtrend channel to be able to buy with targets up to 70.57.
Support and Resistance Levels for August 18 - 19, 2021
Resistance (3) 68.49
Resistance (2) 67,97
Resistance (1) 67,18
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Support (1) 65.77
Support (2) 65.25
Support (3) 64.41
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A trading tip for Crude Oil #CL for August 18 - 19, 2021
Buy if it breaks SMA 21 at 67.19, with a take profit at 68.75 (4/8) and 70.57 (EMA 200), a stop loss below 66.50.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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