Crude Oil Technical Analysis 7 May 2020
Crude Oil Technical Analysis : The Crude Oil declined 6.62% against the USD on Wednesday and closed at 25.10. Today in the European session while Crude Oil technical Analysis 7 May 2020 is preparing at 6:45 GMT, the Crude Oil trading at 25.70, which is 2.39% higher from Yesterday’s close.
The pair is expected to find support at 23.63 and a fall through could take it to the next support level of 22.15 The pair is expected to find its first resistance at 26.95 and a rise through could take it to the next resistance level of 28.77. For today the expected trading range is between 22.15 Support and 28.77 Resistance.
The expected trend for today is Bullish
Supports Levels: Support 1: 23.63, Support 2: 22.15, Support 3: 20.32
Resistance Levels: Resistance 1: 26.95, Resistance 2: 28.77, Resistance 3: 30.25
Crude Oil Buying Opportunity for Intraday Trading 7 May 2020
Buy near the support area 23.63 and 22.15 as soon as you get reversal candlesticks patterns using stop loss 2 pips below the low of reversal candlestick & keep target equal to stop loss.
Crude Oil Selling Opportunity for Intraday Trading 7 May 2020
Sell near the resistance area 26.95 and 28.77 as soon as you get reversal candlesticks patterns using stop loss 2 pips above the high of reversal candlestick & keep target equal to stop loss.