. COMMODITY ANALYSIS – CRUDE OIL (LIGHT SWEET) TECHNICAL ANALYSIS

COMMODITY ANALYSIS – CRUDE OIL (LIGHT SWEET) TECHNICAL ANALYSIS – 21 SEPTEMBER 2022

COMMODITY ANALYSIS – CRUDE OIL (LIGHT SWEET) TECHNICAL ANALYSIS – 21 SEPTEMBER 2022

22 Sep 2022

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.

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

Its immediate support is 79.00 the resistance level is at 85.00

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 below all SMA.

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

Its immediate support is 82.15 the resistance level is 84.50

Crude Oil will trade in a down channel until there is a breakout upside.

How to Trade Crude Oil 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 82.15 AND STOP LOSS AT 84.50