Buy Crude Oil - Aug @ 6430, add up to 6361, for the Targets of 6695-6830 with SL @ 6240 By Choice Broking
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Crude oil
The price of crude oil has fallen dramatically from higher levels, but it is currently showing reversal signals near the support area, indicating that the trend may turn positive. WTI Crude continues to trade above $75, indicating price strength, while MCX Crude futures are currently trading above 6430. Crude oil is currently trading above the 200 EMA on the weekly chart, with a hammer candle forming, signalling a possible bullish candle above a crucial support level. The daily chart shows a Symmetrical Triangle formation, preceded by a bullish candle near key support levels, indicating continued momentum. Furthermore, crude oil is currently trading above its primary support area of the pattern's rising trendline, indicating an upsurge and the possibility of additional upward volatility. This pattern gives an opportunity for traders to pursue long positions in crude oil with a favorable risk-reward ratio. The hourly chart reveals a breakout from a falling trendline accompanied by positive divergence. The price has begun trading above its key moving averages, notably the 50 EMA. This breakout underscores a positive trend, and traders' confidence in the upward trajectory is likely to strengthen if prices remain above the 6,380 breakout barrier. From a technical perspective, both daily and weekly charts convey a positive outlook. Notably, the Bollinger Bands on the daily timescale show price support near the lower band. Expansion of Bollinger Bands on the daily timeframe indicates heightened volatility in price, reflecting increased market uncertainty. Furthermore, the RSI on the daily chart is trading near 40, indicating a comfortable level to accumulate. Looking forward, anticipation mounts for a bullish trend in Crude Oil in forthcoming sessions. Traders are advised to explore long opportunities, setting sights on target levels between 6695 and 6830, as the market dynamics continue to evolve favorably.
Buy Crude Oil- Aug @ 6430, add up to 6361, for the Targets of 6695-6830 with SL @ 6240
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