REDATOR Ben Graham Posted January 29 REDATOR Report Share Posted January 29 Crude oil (WTI) is trading around $63.64 per barrel with an upward bias and is likely to continue rising in the coming days until it reaches the 5/8 Murray and could eventually reach the upper band of the upward trend channel formed since early January at about $65.20.If crude oil encounters immediate resistance around the 5/8 Murray at $64.06, we could expect a technical correction towards the 4/8 Murray at $62.50.The indicator is approaching overbought levels, so it is likely that crude oil could undergo a technical correction in the coming days only if the price falls below $64.A return below the 4/8 Murray pivot point located at $62.50 could be negative for crude oil, and we could then expect it to return towards the 21 SMA located at $61.64 and could even reach the 3/8 Murray around $60.93, a level that coincides with the bottom or lower band of the bullish trend channel.Our trading plan for the next few hours is to sell crude oil only if it finds rejection around $64.06, with targets at $62.50 and $60.90.The material has been provided by InstaForex Company - www.instaforex.com Visitante_27acde77, Visitante_ab100abc, Visitante_b99600bb and 2 others 1 2 2 1 Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.