Crude Oil Technical Analysis October 1, 2018
The Crude Oil rose 1.85% against the USD on Friday and closed at 73.43. Today in the European session while Crude Oil technical analysis October 1, 2018 is preparing at 10:45 GMT, the Crude Oil trading at 73.40, which is 0.5% lower from Yesterday’s close.
During the trading hours on Friday, the crude oil market gained the boost because it is now trading easily above the $73 level. The level of $72 below is now the main support for the crude oil market. OPEC’s refusal to increase production will cause supply disruptions to continue to push up crude oil prices. The market should continue to move toward the $75 level, which is also meaningful from a psychological point of view.
Crude Oil technical analysis October 1 2018
The pair is expected to find support at 72.26 and a fall through could take it to the next support level of 71.11. The pair is expected to find its first resistance at 74.10, and a rise through could take it to the next resistance level of 74.75. For today the expected trading range is between 72.26, Support and 74.75 Resistance.
The expected trend for today is Bearish (If it breakes strong resistance 73.80 then it will be bullish)
Supports Levels: Support 1: 72.26 Support 2: 71.11 Support 3: 70.44
Resistance Levels: Resistance 1: 74.10 Resistance 2: 74.75 Resistance 3: 75.90
Previous day`s high: 73.60
Previous day`s low: 71.75
Crude Oil Buying Opportunity for Intraday Trading October 1, 2018
Buy near the support area 72.26 and 71.11 as soon as you get reversal candlesticks patterns like Hammer, Bullish Englufing, Long Leged Doji or Dragonfly Doji, using stop loss 2 pips below the reversal candlestick & keep target equal to stop loss.
Crude Oil Selling Opportunity for Intraday Trading October 1, 2018
Sell near the resistance area 74.10 and 74.75 as soon as you get reversal candlesticks patterns like Shooting Star, Bearish Englufing, Long Leged Doji or Gravestone Doji, using stop loss 2 pips above the reversal candlestick & keep target equal to stop loss.