Crude Oil (Light Sweet) Technical Analysis: Weekly Chart

In the weekly charts, Crude Oil is trading in a down channel. Crude Oil is currently trading below all SMA except MA (5).

RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.

Its immediate support is 80.00 the resistance level is at 84.00

Crude Oil will trade in a down channel until there is a trend reversal.

Crude Oil (Light Sweet) Technical Analysis: Daily Chart

In the daily charts, Crude Oil is trading in a down channel. Crude Oil is currently trading above all SMA except MA (50).

RSI is in the neutral zone which indicates neutralness. MACD is currently below zero which indicates bearishness.

Its immediate support is 82.00 the resistance level is at 83.90

Crude Oil will trade in a down channel until there is a trend reversal.

How to Trade Crude Oil (Light Sweet) this Week:

Crude Oil will follow the downtrend until its trend reversal. So, remain bearish on Crude Oil.

TRADE SUGGESTION- SELL AT 83.00, TAKE PROFIT AT 82.00 AND STOP LOSS AT 83.90.