Crude Oil Technical Analysis 16 October 2019
Crude Oil Technical Analysis : The Crude Oil declined 1.21% against the USD on Tuesday and closed at 52.85. Today in the European session while Crude Oil technical Analysis 16 October 2019 is preparing at 7:45 GMT, the Crude Oil trading at 52.70, which is 0.28% lower from Yesterday’s close.
The pair is expected to find support at 52.25 and a fall through could take it to the next support level of 51.65 The pair is expected to find its first resistance at 53.62 and a rise through could take it to the next resistance level of 54.40. For today the expected trading range is between 51.65 Support and 53.63 Resistance.
The expected trend for today is Bearish
Supports Levels: Support 1: 52.25, Support 2: 51.65, Support 3: 50.88
Resistance Levels: Resistance 1: 53.62, Resistance 2: 54.40, Resistance 3: 55.00
Crude Oil Buying Opportunity for Intraday Trading 16 October 2019
Buy near the support area 52.25 and 51.65 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 16 October 2019
Sell near the resistance area 52.62 and 54.40 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.