Crude Oil (light sweet) Technical Analysis – 05 September 2022

Crude Oil (light sweet) Technical Analysis – 05 September 2022

Crude Oil (light sweet) Technical Analysis

Crude Oil (light sweet) Technical Analysis: Weekly Chart

Crude Oil (light sweet) Technical Analysis

In the weekly charts, the Crude oil index 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 94.50

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) Technical Analysis

In the daily charts, the Crude oil Index 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 86.00 & the resistance level is at 91.00

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

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 88.70, TAKE PROFIT AT 86.00 AND STOP LOSS AT 90.50

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