Crude Oil (light sweet) Price Technical Analysis – 15 September 2022

Crude Oil (light sweet) Price Technical Analysis – 15 September 2022

Crude Oil (light sweet) Technical Analysis

Crude Oil (Light Sweet) Technical Analysis: Weekly Chart

Crude Oil (light sweet)  Price

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 86.00 the resistance level is at 87.10

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

Crude Oil (Light Sweet) Technical Analysis: Daily Chart

Crude Oil (light sweet)  Price

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

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

Its immediate support is 87.00 the resistance level is at 89.00

Crude Oil was traded in a down channel before 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 88.39, TAKE PROFIT AT 87.00 AND STOP LOSS AT 89.75

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