Crude Oil Weekly Analysis- 06th May to 10th May 2024
CRUDEOIL1!
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.
Recent swing and bigger swings are at crucial level in Fibonacci retracement. Any small bounce from this level would be great bullish indications for good week ahead.
Should wait for Monday day candle should reject these crucial level. Then big bullish momentum expected for few weeks.
Day TF
Trend: Upward range with 3 consecutive support(HL 01, HL 02, HL 03)
Key Levels: Prices were again approaching towards support there by expecting HL 04. If HL 04 reacts and prices bounced then good sign for bulls.
Need to watch out 200 EMA to get react before trade entry
Fibonacci is also at 50% level in recent swing
Buy:
Entry 01:6682
Entry 02: 6962
Final Target expected: 7235
Recommended to wait on Monday. Some consolidation is required before reversal
