Crude Oil Weekly Analysis- 20th to 24th May 2024

MCX:CRUDEOIL1!   Crude Oil Futures

Over view
As per my previous weekly analysis, Crude oil had great ride from beginning of this year and paused from previous month. Fortunately this was necessary for having further movement. We can consider the previous month process was retracement thus by expecting further movement in upcoming weeks.
Any small bounce from this level would be great bullish indications for good week ahead.

Weekly TF
Price has exactly reacted at 0.382 Fibonacci level which is good sign of bullish continuation.
Good green candle formation after doji formation & crossed 50 EMA

Day TF
Trend: Upward range with 3 consecutive support(HL 01, HL 02, HL 03).
Now HL04 has been created and rejected at same level by creating double bottom.

Inside candle breakout has been found after creating Doji & Bullish hammer.

Price has been rejected from crucial key level

0.5 Level rejected in Fibonacci

Entry 01:6691
Entry 02: 6962
Final Target expected: 7235

Direct Gapup/Gapdown entry should be avoided

Get confirmation from any of the leading indicators before entering trade

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