CMP: 75.77 (-0.12%)
Crude Oil is trading within a descending channel, showing a strong bearish trend on the hourly chart.
Key Levels:
Resistance Zones:
76.50 (previous breakdown zone).
78.00 (upper channel boundary and significant supply zone).
Support Zones:
75.00 (immediate support).
73.00 (major demand zone).
Trading Plan:
Bearish View:
Short below 75.50 with a target of 75.00 and 73.00.
Stop Loss: Above 76.50.
Bullish View:
Long above 76.50 for targets of 78.00.
Stop Loss: Below 75.50.
Crude Oil remains under pressure unless it breaks out above 78. Watch the trendline and volume closely for confirmation.
#CrudeOil #CommodityTrading #MarketAnalysis
Crude Oil is trading within a descending channel, showing a strong bearish trend on the hourly chart.
Key Levels:
Resistance Zones:
76.50 (previous breakdown zone).
78.00 (upper channel boundary and significant supply zone).
Support Zones:
75.00 (immediate support).
73.00 (major demand zone).
Trading Plan:
Bearish View:
Short below 75.50 with a target of 75.00 and 73.00.
Stop Loss: Above 76.50.
Bullish View:
Long above 76.50 for targets of 78.00.
Stop Loss: Below 75.50.
Crude Oil remains under pressure unless it breaks out above 78. Watch the trendline and volume closely for confirmation.
#CrudeOil #CommodityTrading #MarketAnalysis
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