Weekly analysis
Technical analysis: sellers will continue to dominate this week as well. As far as 38.52$ remains as hard resistance prices will continue to form lower lows. Our next best target range would be 34.85$ to 32.61$. last week closing price 37.34$ closed at a bearish note. 6% losses booked on crude as traders continue to worry over the outlook for energy demand. The fall in prices was also due to a correction in the market which was overdue for long as the prices were super bullish.
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Bulls: will wait for 38.52$ level to break as this will indicate the presence of buyers!! Prices will than look forward to test 40.41$ area next! Buyers can also come in at 32$ handle to test the support and take prices further up.
Bears: will wait for an exhaustive candle to start selling again till 34$ handle being next best target area.
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Technical analysis: rising corona cases are causing pressure on crude oil prices. To add to the fire oversupply of crude also raised concern hence led to decline in prices. Again we are looking for selling opportunities in this market overall.
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Recommendation will follow as and when we will see an opportunity in the market.
Good luck!
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Bulls: will wait for 38.52$ level to break as this will indicate the presence of buyers!! Prices will than look forward to test 40.41$ area next! Buyers can also come in at 32$ handle to test the support and take prices further up.
Bears: will wait for an exhaustive candle to start selling again till 34$ handle being next best target area.
.
Technical analysis: rising corona cases are causing pressure on crude oil prices. To add to the fire oversupply of crude also raised concern hence led to decline in prices. Again we are looking for selling opportunities in this market overall.
.
Recommendation will follow as and when we will see an opportunity in the market.
Good luck!
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