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The Crude Oil #CL, on 4-hour charts, is trading above the 21 SMA and below the strong resistance of 6/8 murray, after having made a technical bounce at the zone of 2/8 murray around 65.62. It is now showing exhaustion and there could be a correction move below 71.88.
This week in our trading signals, we inform you of this clear signal to buy in the 65.62 area. The details of this strategy you can review here.
The data on the inventories of crude Oil stocks in the US was +2.1 million barrels in the week ending July 16. It was published on Wednesday. The market was indecisive and it seems that the strategy of the OPEC is working.
The agreement reached between the Organization of the Petroleum Exporting Countries and its allies (OPEC +) on the crude production policy to increase the supply of oil by 400 thousand barrels per day (bpd) from August, could subdue the rise in crude oil prices. We believe that below the psychological level of 70.00, the area of 71.88 will act as a barrier to avoid a sharp increase in the WTI price.
The 21 SMA on the 4-hour charts could give Crude Oil some strength and keep the price above 68.50. So, every time when there is a technical bounce towards this area, it will be a good opportunity to sell with targets at 68.75 and 65.62.
Our recommendation is to sell below 71.88 with targets towards 68.75. If this level is broken to the 65.62 area, a technical bounce at 4/8 murray will be a good opportunity to buy with targets at 6/8 murray and at the EMA of 200.
Support and Resistance Levels for July 22 - 23, 2021
Resistance (3) 74.01
Resistance (2) 73.12
Resistance (1) 71.67
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Support (1) 69.29
Support (2) 67.58
Support (3) 65.63
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Trading tip for CRUDE OIL for July 22 - 23, 2021
Sell if pullback or below 71.88 (6/8), with take profit at 68.75 (SMA 21), stop loss above 72.40.
Buy if rebound SMA 21 at 68.75, with take profit at 70.00 and 71.88 (6/8), stop loss below 68.25.
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