24.06.202403:09 Forex Analysis & Reviews: Trading Signals for Crude Oil (WTI) for June 23-25, 2024: buy above $80.00 (21 SMA - 4/8 Murray)

Relevance up to 21:00 UTC--4

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Early in the European session, Crude Oil (WTI) is trading around the psychological level of $80 within an uptrend channel forming since June 4 and showing signs of exhaustion with a possible technical correction.

Oil could resume its bullish cycle if it consolidates above the SMA 21 at $80.83 in the coming days. Then, it could reach the key pivot point around $81.25 (4/8 Murray). Above this level, it could easily reach even $83.

Given that crude oil has been consolidating around $80 for several sessions, a technical rebound will likely occur within the bullish trend channel in the next few hours and will be seen as an opportunity to buy with targets at 80.83 and 81.25.

On the other hand, with a sharp break of the uptrend channel and a drop below 80.00, crude oil is likely to drop to the support of $79.69 and could even reach the psychological level of 200 EMA located at $78.59.

The eagle indicator is showing overbought signals, but with a technical rebound above $80.00 crude oil could resume its bullish cycle and surpass a one-month high at about $81.70.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.