Crudeoil/Usoil 21 February Analysis
Today, the market is anticipating the PMI number with a forecast of 47. However, there is a belief that even a higher number such as 50 would not be good for the economy. Nevertheless, the forecast for today's PMI number is 47, and the question is whether this is good enough. Moving on to the USOIL/CRUDEOIL market, the current market conditions suggest that it is likely to be bullish on Tuesday. In addition, some big institutions are also bullish for USOIL. Based on an analysis of the market, a good support zone or buy zone is expected to be found within the range of 74 to 75.6. Conversely, a good resistance zone for selling is likely to be found between 77.2 to 78.16, which is worth noting includes the 200 moving average, further supporting its viability as a sell zone.
It is crucial to consider these levels when trading in this market, as they can provide helpful guidance for making informed decisions and managing risks. Traders are advised to have a sound trading strategy and risk management plan in place to minimize the potential risks involved in trading. Overall, it is important to be cautious in approaching the market, and I wish traders the best of luck in their trading endeavors.
It is also worth mentioning that the buying zone for USOIL/CRUDEOIL lies between 74 to 75.6, while the selling zone is between 77.2 to 78.16. It is important for traders to be mindful of these levels to help them make informed decisions and minimize risks. Additionally, there is a third zone from 79.8 to 80.5 that traders may also want to consider when trading in this market. As always, it is important for traders to approach the market with caution and to have a solid trading plan in place to ensure a successful and profitable trading experience.
It is crucial to consider these levels when trading in this market, as they can provide helpful guidance for making informed decisions and managing risks. Traders are advised to have a sound trading strategy and risk management plan in place to minimize the potential risks involved in trading. Overall, it is important to be cautious in approaching the market, and I wish traders the best of luck in their trading endeavors.
It is also worth mentioning that the buying zone for USOIL/CRUDEOIL lies between 74 to 75.6, while the selling zone is between 77.2 to 78.16. It is important for traders to be mindful of these levels to help them make informed decisions and minimize risks. Additionally, there is a third zone from 79.8 to 80.5 that traders may also want to consider when trading in this market. As always, it is important for traders to approach the market with caution and to have a solid trading plan in place to ensure a successful and profitable trading experience.
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