Harish Shahi
Indian Market View
Crude oil has been recently showing signs of bullish momentum in the market. As we see the bounce from the neck line of head and shoulder pattern. The ways bulls are racting it seems like the bulls will become more aggressive towards north in upcoming days. The latest news suggest that Russia launched ‘a new kind of ballistic missile in to Ukraine’ as a response to Ukraine’s use of US missiles on Russia earlier this week and it rebounded sharply after US PMI shows pickup in ativity. Further supply discruptions cause oil prices to rise further so we will keep an close eye on geopoltical tension. We will keep our view bullish for the Crude oil prices.
Technical analysis
- Moving Averages & RSI: Relative Strength Index (RSI) is moving above the midline zone i.e. on H4 chart.
- 50 EMA:The 50-period Exponential Moving Average (EMA) is acting as support for XAGUSD.
- MACD: The MACD line crossovers, reinforcing the bullish trend though histogram volume is relatively high.
Key support and resistance levels [4-Hourly basis]
- Resistance Levels:
- Immediate resistance is at $72.88-$72.98. A break and sustain above this zone could propel prices toward $74.92-$75.00.
- Support Levels:
- Immediate support is at $69.93-$69.87. A break below this level could trigger a move towards $68.37-$68.22.
Trading Strategy: Based on chart and study above we would suggest to our readers that buy crude oil at current level and convert any dip as a buying opportunity i.e. around $71 target is $73, $75 with tight stop loss of below $69. Traders should be alert for potential breakout opportunities and keep a close watch on upcoming economic data releases, which could drive market volatility.
The recommendations and market analysis provided by Indian Market View are solely for informational purposes and do not constitute investment advice. Trading and investing in stocks, options, and commodities involve significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Before making any investment decisions, please consult with a qualified financial advisor and consider your own risk tolerance and financial situation. Indian Market View and its analysts are not responsible for any losses incurred from the use of this information.
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