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The price of Crude Oil (#CL or WTI) has reached a key level of 0/8 murray around 62.35. This level represents strong support. Given that it has tested this level for the second time, we believe it could form a double bottom reversal pattern.
The weekly report on crude inventories revealed a decrease of -3.2 million barrels in the week ending August 13. Although this data was higher than expected, oil could not make a significant rebound as the downward pressure continued to weaken the price.
Crude Oil has quickly fallen to a critical level of 62.30 (0/8). The spread of the virus in China and other parts of Asia is probably affecting the demand for crude. If oil loses this level, there could be a drop to the psychological level of 60.00.
On the other hand, OPEC + has begun to normalize its oil production which will alleviate a potential upside in oil prices. For now, we expect a technical rebound towards the levels of 63.44 (SMA 21).
On the chart, we can notice a downtrend line that is projected from the high of 74.00, and it is still prevailing. Now the line converges around 65.00. This could be the objective if WTI makes a technical rebound from the low of 62.35.
The technical reading of the eagle indicator, that measures the strength and volume of the market, has reached a level of extreme oversold condition(5). Therefore, we believe that at the current price levels there could be a technical rebound. The key level to buy from is above 62.35, with the targets at 63.44 (21 SMA) and 65.62 (4/8 and top of bearish channel).
Support and Resistance Levels for August 20 - 23, 2021
Resistance (3) 64.68
Resistance (2) 63.51
Resistance (1) 62.96
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Support (1) 61.39
Support (2) 60.95
Support (3) 60.38
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