REDATOR Ben Graham Posted February 4 REDATOR Report Share Posted February 4 Crude oil (WTI) is trading around $63.56 per barrel, above the 21 SMA and rebounding after reaching the psychological level of $60.00.WTI left a gap around $65.60 and is likely to continue rising in the coming days until the price reaches the 6/8 Murray and covers the gap.Given that crude oil has been trading with a bullish bias, any pullback while the price trades above 4/8 Murray will be seen as an opportunity to take long positions.A drop below $62.50 could mean a strong technical correction, and crude oil could reach the 200 EMA around the psychological level of $60 or even reach the 2/8 Murray around $50.37.The Eagle indicator is showing positive signals, so we will continue to buy crude oil in the coming days, with targets at $65.62 and finally at the 7/8 Murray located at $67.18.The H4 chart shows that WTI formed an upward trend channel early January. Crude oil is expected to move within this channel in the coming days, so we will continue to buy.The material has been provided by InstaForex Company - www.instaforex.com 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...
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