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In our analysis of November 17, we explained through the daily chart the possibility that crude could fall to the level of 75,00. The Crude (#CL) had formed a symmetrical triangle pattern and we have seen the fulfillment of this signal. You can review through this link and get some tips for your strategy.
On October 27, crude oil has left a bearish GAP. As long as this gap is not closed, there is the possibility that crude oil could return towards the level of 83,80 and up to 84,38 in the medium term.
According to the 4-hour chart, crude is falling very strongly and is ready to reach the bottom of the downtrend channel. This bearish channel has been formed on Nov 10 and is likely to find good support around 4/8 murray at 75,00.
The eagle indicator is approaching the extremely oversold level at around 10 points. It is likely that in the next few hours or days there is a good technical bounce above the pivot point of 4/8 murray (75,00).
Since October 25, WTI has entered a downward correction period. The price is likely to continue oscillating in the next few days and may bounce above 75,00 towards the 21 SMA located at 78.53.
A sharp breakout and consolidation above 80,00 (EMA 200) could be the start of a bullish move that could reach the 7/8 Murray level at 84,38.
Our trading plan is to buy above 75,75 or 75,00 with targets at 78,12 and up to 80,00 where there is the top of the EMA 200. Conversely, a break below 75,00 (4/8) will be the signal to sell with targets at 71,88 (3/8).
Support and Resistance Levels for November 19 - 22, 2021
Resistance (3) 78,12
Resistance (2) 77,79
Resistance (1) 76,89
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Support (1) 75,49
Support (2) 75,00
Support (3) 74,54
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A trading tip for CRUDE OIL for November 19 - 22, 2021
Buy above 75,75 or in case of rebound at 75,00 (4/8) with take profit at 77,79 and 78,12 (5/8), stop loss below 75,30 and 74,50.
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