Crude Oil Technical Analysis Report – 15-03-2020
Monthly Chart (33.10)
This is the Crude Oil monthly chart and we can notice the recent sharp fall in prices but historically Crude Oil holds strong support near 32.18 and 26.49 levels and strong resistance around 64.69 levels. So we are expecting Crude Oil to appreciate from its current levels and to be range bound in between 26.49 and 64.69 levels. Any breakout and close below 26.49 levels on weekly chart may trigger further selling pressure and any move above 64.69 levels may create further buying pressure but we are expecting it to be range bound. So as per Technical Analysis, the ideal long term trading strategy for Crude Oil may be buying around 32.18 and 26.49 levels and selling around 62.41 and 64.69 levels.
Weekly Chart (33.10)
As per Crude Oil weekly chart we can notice some strong buying with high volume on last Friday indicating a quick pull back in Crude Oil prices from 26.49 levels. With this analysis we can expect Crude Oil to appreciate from its current levels.
Major Support and Resistance:
Resistance: 35.24, 38.18, 41.59, 46.29, 52.25, 54.77, 62.41, 64.69, 74.02, 77.08
Support: 32.18, 26.49
Trading with proper stop loss depending upon the volatility is must to limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
Major Support and Resistance:
Resistance: 35.24, 38.18, 41.59, 46.29, 52.25, 54.77, 62.41, 64.69, 74.02, 77.08
Support: 32.18, 26.49
Trading with proper stop loss depending upon the volatility is must to limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.