Crude oil showed a trend of fluctuating decline today, breaking through key support levels, with a clear bearish dominance.
Key support below: In the short term, attention should be paid to the $59.00 integer mark. If this level is breached, oil prices may further drop to $58.00.
Resistance levels for rebound: If there is a technical rebound in oil prices, the first resistance level is at $60.50, and the second resistance level is at $61.50, with limited rebound space.
Trading Strategy:
Buy 59 - 59.5
SL 58.5
TP 60 - 60.5 - 61
Sell 60.5 - 61
SL 61.5
TP 59.1 - 58.5
Key support below: In the short term, attention should be paid to the $59.00 integer mark. If this level is breached, oil prices may further drop to $58.00.
Resistance levels for rebound: If there is a technical rebound in oil prices, the first resistance level is at $60.50, and the second resistance level is at $61.50, with limited rebound space.
Trading Strategy:
Buy 59 - 59.5
SL 58.5
TP 60 - 60.5 - 61
Sell 60.5 - 61
SL 61.5
TP 59.1 - 58.5
Trade active
Crude oil's movement aligns with my analysis today, continuing its downward trend and breaking below the short-term support level of 59, and is now approaching the critical support threshold of 58.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.