Crude Oil at a Critical Support Zone | 1-Hour Timeframe
Analysis:
Crude Oil is currently trading near a strong support zone on the 1-hour timeframe.
If the price breaks below this support level, we could see a sharp bearish move (for 5500).
However, if the support holds and buyers step in, a reversal is likely.
In that case, the next upside target could be the resistance zone around 7800–7900.
Keep an eye on price action near the support area, as it may determine the next major move.
Analysis:
Crude Oil is currently trading near a strong support zone on the 1-hour timeframe.
If the price breaks below this support level, we could see a sharp bearish move (for 5500).
However, if the support holds and buyers step in, a reversal is likely.
In that case, the next upside target could be the resistance zone around 7800–7900.
Keep an eye on price action near the support area, as it may determine the next major move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.