Crude Oil Technical Analysis 22 October 2020
Crude Oil Technical Analysis : The Crude Oil declined 2.79% against the USD on Wednesday and closed at 40.00. Today in the Asian session, while Crude Oil technical Analysis 22 October 2020 is preparing at 5:15 GMT, the Crude Oil trading at 40.28, which is 0.67% higher from Yesterday’s close.
The pair is expected to find support at 39.55 and a fall through could take it to the next support level of 39.35 The pair is expected to find its first resistance at 40.45 and a rise through could take it to the next resistance level of 41.15. Today’s expected trading range is between 38.65 support and 41.85 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 39.55
Support 2: 39.35
Support 3: 38.65
Important resistance levels:
Resistance 1: 40.45
Resistance 2: 41.15
Resistance 3: 41.85
Crude Oil buying opportunity for intraday trading on October 22, 2020
Buy near the support zones 39.55 and 39.35 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 22, 2020
Sell near the resistance zones 40.45 and 41.15 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.