Crude Oil Outlook for Monday
If Crude Oil opens above 7920 on Monday, it can be considered bullish. The first major psychological resistance is 8000, which is very close and could be tested first.
Upside Targets:
- 8000 – First psychological resistance
- 8150 – Second target
- 8220 – Third target
- 8350 – Fourth target (Possible Top)
The 8350 zone could act as a possible top, and it may be difficult for the price to sustain above this level.
On the other hand, if Crude Oil opens below 7920 with a gap down, it may turn bearish. The 7700–7720 zone is a super strong support. If the price breaks below this support, bearish momentum is likely to increase.
Downside Targets:
- 7600
- 7550
- 7480
However, if Crude Oil opens with a small gap down, starts declining, and then finds support in the 7700–7720 zone, it could bounce back from there.
In that case, the upside recovery targets will be:
- 7800
- 7920
A successful breakout above 7920 could then lead to the higher upside targets mentioned earlier:
8000 → 8150 → 8220 → 8350.
If Crude Oil opens above 7920 on Monday, it can be considered bullish. The first major psychological resistance is 8000, which is very close and could be tested first.
Upside Targets:
- 8000 – First psychological resistance
- 8150 – Second target
- 8220 – Third target
- 8350 – Fourth target (Possible Top)
The 8350 zone could act as a possible top, and it may be difficult for the price to sustain above this level.
On the other hand, if Crude Oil opens below 7920 with a gap down, it may turn bearish. The 7700–7720 zone is a super strong support. If the price breaks below this support, bearish momentum is likely to increase.
Downside Targets:
- 7600
- 7550
- 7480
However, if Crude Oil opens with a small gap down, starts declining, and then finds support in the 7700–7720 zone, it could bounce back from there.
In that case, the upside recovery targets will be:
- 7800
- 7920
A successful breakout above 7920 could then lead to the higher upside targets mentioned earlier:
8000 → 8150 → 8220 → 8350.
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.