Crudeoil reversal zones 29-3-2023Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss. Or can take entry based on one 5 min candle close below or above the zone with SL previous candles high or low (*try to avoid big candles).
(Color code for Support & Resistance zones: Red - Sell, Green - Buy, Price once cross above resistance it is obvious it will work as support, vis versa price cross below support zone ). Please understand that market can break all the support and resistance anytime . If any doubt for take entry in price action patterns, please ask in comment box, i will try to help.
Disclaimer: Im not tip provider and this chart is not indented to take trade in my levels, It is shared here for learning purpose. Trading in this pattern is all your own risk. #crudeoil
USOILV2025 trade ideas
MCX Crude future analysisLet's do a multi time frame analysis of Crude chart.
On monthly time frame Crude seems to be running in a parallel channel, except that it has given two outliers outside it. It first broke down the channel during Covid to make a new low and then during Ukraine Russia crisis it broke out of the channel to make a new high.
On weekly time frame, crude made a double top with rising wedge formation and broke down and since then it is in downtrend where every rise has been sold off and finally it entered back in the same channel during August'22 and since then it has been facing resistance at the top of the channel. Current chart formation indicate that it is making a inverted flag & pole kind of formation and has given a breakdown of the lower trendline with double top formation.
On daily time frame, pattern indicates that it recently made a triple top at the previous resistance / breakdown level of 6780, with immediate support placed around 6000/5800, and if it starts sustaining below it - there is possibility that crude may melt more.
On 4 hour time frame, it is making a rounding top and breakdown of the same can take crude to around 5200 levels, pattern target - which is also near about bottom of the channel support placed on monthly time frame.
Crude Oil (MCX): Monday - 20/02/23Levels:
Support: 5500, 5450, 5350
Resistance: 5500-5575, 5625, 5700, 5750
OI Data (17th April Expiry):
Nearest Major Resistance per OI data: 5700
Nearest Major Support per IO data: 5500
Trade setup:
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 5600 | 5560 | 5650 | 5700
-----------------------------------------
SELL | < 5500 | 5550 | 5450 | 5400
+++++++++++++++++++++++++++++++++++++++++
Price of crude oil has recently broken downwards Crude oil has been experiencing a significant period of sideways trading, with the price movement being relatively flat. However, the recent downward breakout in crude oil prices has caught the attention of market analysts and traders.
The downward trend in crude oil prices may indicate a short-term bearish sentiment in the market, as supply outweighs demand. This may be attributed to several factors, including a slowdown in global economic growth, the emergence of renewable energy sources, and geopolitical tensions that impact oil-producing nations.
It's worth noting that crude oil prices are highly volatile and can fluctuate rapidly in response to changing market conditions. Therefore, it's important to exercise caution when making investment decisions in the crude oil market.
To stay up-to-date with the latest news and trends in the crude oil market, it's advisable to follow reputable sources such as industry publications and financial news outlets. Additionally, it may be helpful to consult with a financial advisor before making any investment decisions in the crude oil market.
#crudeoil #crudeoilprice #breakout #downtrend #techenicalanalysis #priceaction trading