Crude Oil Technical Analysis September 20, 2018
The Crude Oil rose 1.85% against the USD on Tuesday and closed at 70.73. Today in the European session while crude oil technical analysis September 20, 2018 is preparing at 10:45 GMT, the Crude Oil trading at 70.95, which is 0.31% higher from Yesterday’s close.
US EIA crude oil inventories data on Wednesday showed crude oil inventories fell for the fifth consecutive week to a 3-1 / 2 year low as of September 14th, and oil prices rose nearly $2 on Wednesday. US crude oil inventories fell by 2.1 million barrels, but today showed mixed trading, while US crude oil rose for the third consecutive trading day, supported by low US stock levels. The Energy Information Administration reported on Wednesday that crude oil inventories reached a 3.5-year low, while gasoline inventories rose sharply – a more than expected draw.
Crude Oil technical analysis September 20 2018
The pair is expected to find support at 69.77 and a fall through could take it to the next support level of 68.80. The pair is expected to find its first resistance at 71.22, and a rise through could take it to the next resistance level of 71.70. For today the expected trading range is between 69.77, Support and 72.67 Resistance.
The expected trend for today is Bullish (Buy only after breaking 71.25)
Supports Levels: Support 1: 69.77 Support 2: 68.80 Support 3: 68.32
Resistance Levels: Resistance 1: 71.22 Resistance 2: 71.70 Resistance 3: 72.67
Previous day`s high: 70.11
Previous day`s low: 68.22
Crude Oil Buying Opportunity for Intraday Trading September 20, 2018
Buy near the support area 69.77 and 68.80 as soon as you get reversal candlesticks patterns like Hammer, Bullish Englufing, Long Leged Doji or Dragonfly Doji, using stop loss 2 pips below the reversal candlestick & keep target equal to stop loss.
Crude Oil Selling Opportunity for Intraday Trading September 20, 2018
Sell near the resistance area 71.22 and 71.70 as soon as you get reversal candlesticks patterns like Shooting Star, Bearish Englufing, Long Leged Doji or Gravestone Doji, using stop loss 2 pips above the reversal candlestick & keep target equal to stop loss.