Crude Oil Technical Analysis 6 October 2020
Crude Oil Technical Analysis : The Crude Oil rose 5.84% against the USD on Monday and closed at 39.24. Today in the Asian session, while Crude Oil technical Analysis 6 October 2020 is preparing at 5:15 GMT, the Crude Oil trading at 37.47, which is 0.56% higher from Yesterday’s close.
The pair is expected to find support at 38.55 and a fall through could take it to the next support level of 37.60 The pair is expected to find its first resistance at 40.30 and a rise through could take it to the next resistance level of 40.60. Today’s expected trading range is between 36.55 support and 41.40 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 38.55
Support 2: 37.60
Support 3: 36.55
Important resistance levels:
Resistance 1: 40.30
Resistance 2: 40.60
Resistance 3: 41.40
Crude Oil buying opportunity for intraday trading on October 6, 2020
Buy near the support zones 38.55 and 37.60 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 October 6, 2020
Sell near the resistance zones 40.30 and 40.60 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.