Crude Oil: Finding support of an uptrend line.

June 22 , 2018

 

By looking at the daily chart we can see that black gold is providing us choppy sessions as it is finding support of an uptrend line. Earlier crude oil has made high of $72.87 level due to Venezuela factor and supply interruption but when the decision of rate hike declared it slipped to $64 level where the mentioned uptrend line was lying as it is a vital support level.

 

By applying the Fibonacci retracement line we can see that it has retraced already 61% level which is a strong key support level. However, both bulls and bears are fighting and tug of war can be seen on the daily technical chart but the odds are in favor of bulls and generating bullish signal. Intraday bias remains bullish on the pair.

 

 

The short term to intermediate term trend is up so in a uptrend market always buy on dips would be profitable opportunity. A bullish crossover on MACD indicator is favoring the bulls and providing us bullish signal for the time being and RSI is also providing bullish signal from above 50 territory. The $70 level is immediate resistance level followed by $72 whereas $65 level is strong key support level followed by $63 level.

 

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