Crudeoil/Usoil 20 February Analysis
As is common knowledge in the world of trading, Mondays tend to be low volatility days. Today, with the closure of US banks, the day is anticipated to be an ultra-slow or low volatility day. Despite this, however, Mondays can present lucrative opportunities for intraday traders.
In view of the current market conditions, I anticipate that USOIL/CRUDEOIL will likely be range-bound on Monday. Based on my analysis, a good support zone or buy zone is expected to be in the range of 74 to 75.6, while a good resistance zone for selling is likely to be found between 77.2 to 78.16. It is worth noting that the 200 moving average also falls within this resistance zone, further supporting its viability as a sell zone.
It is crucial to bear these levels in mind when trading, as they can provide helpful guidance for decision-making and risk management. It is recommended that traders adhere to a sound trading strategy and have a risk management plan in place to ensure that they do not expose themselves to undue risk. Wishing you all the best in your trading endeavors.
Buying zone:
74 to 75.6
Sell zone:
77.2 to 78.16
In view of the current market conditions, I anticipate that USOIL/CRUDEOIL will likely be range-bound on Monday. Based on my analysis, a good support zone or buy zone is expected to be in the range of 74 to 75.6, while a good resistance zone for selling is likely to be found between 77.2 to 78.16. It is worth noting that the 200 moving average also falls within this resistance zone, further supporting its viability as a sell zone.
It is crucial to bear these levels in mind when trading, as they can provide helpful guidance for decision-making and risk management. It is recommended that traders adhere to a sound trading strategy and have a risk management plan in place to ensure that they do not expose themselves to undue risk. Wishing you all the best in your trading endeavors.
Buying zone:
74 to 75.6
Sell zone:
77.2 to 78.16
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