Crude Oil Technical Analysis 5 October 2020
Crude Oil Technical Analysis : The Crude Oil declined 4.21% against the USD on Friday and closed at 36.83. Today in the Asian session, while Crude Oil technical Analysis 5 October 2020 is preparing at 5:15 GMT, the Crude Oil trading at 37.97, which is 3.12% higher from Yesterday’s close.
The pair is expected to find support at 36.55 and a fall through could take it to the next support level of 36.00 The pair is expected to find its first resistance at 38.05 and a rise through could take it to the next resistance level of 39.30. Today’s expected trading range is between 36.70 support and 40.60 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 36.55
Support 2: 36.00
Support 3: 35.25
Important resistance levels:
Resistance 1: 38.05
Resistance 2: 39.30
Resistance 3: 40.30
Crude Oil buying opportunity for intraday trading on October 5, 2020
Buy near the support zones 36.55 and 36.00 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 5, 2020
Sell near the resistance zones 38.05 and 39.30 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.