Crudeoil weekly analysis 20-24 February
Crude oil is currently exhibiting a bullish trend in the 4-hour time frame, with a noticeable bullish trendline and a recent reversal from the trendline. For traders who have entered the market from the trendline, it is recommended to hold the position until the 77.6 - 78.1 range, which is a significant resistance level due to the presence of the 200-day moving average and horizontal resistance.
For those who have not yet entered the market, a potential buy entry may be considered if the price breaks through the 78.1 level, with a target of the 80 level. In the event of a rejection at the 78.1 level, a sell entry may be more appropriate, with profits taken at the 75.5 support level.
It is crucial for traders to keep track of the weekly support and resistance levels when analyzing the crude oil market. The current resistance level is at 82.6, while the support level is at 72.5. Additionally, minor level resistance can be found at 79.6 - 80.5, and minor level support can be found at 75 - 75.5 and 73.
Traders who carefully monitor these key levels will be better equipped to make informed decisions about their trades, resulting in more successful trading strategies. By keeping an eye on market trends and significant levels, traders can identify profitable opportunities and minimize risk.
For those who have not yet entered the market, a potential buy entry may be considered if the price breaks through the 78.1 level, with a target of the 80 level. In the event of a rejection at the 78.1 level, a sell entry may be more appropriate, with profits taken at the 75.5 support level.
It is crucial for traders to keep track of the weekly support and resistance levels when analyzing the crude oil market. The current resistance level is at 82.6, while the support level is at 72.5. Additionally, minor level resistance can be found at 79.6 - 80.5, and minor level support can be found at 75 - 75.5 and 73.
Traders who carefully monitor these key levels will be better equipped to make informed decisions about their trades, resulting in more successful trading strategies. By keeping an eye on market trends and significant levels, traders can identify profitable opportunities and minimize risk.
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