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Crude Oil #CL is trading below the 21 SMA and above the 2/8 Murray zone. Just at this level is the 200 EMA, which is acting as yet another support, adding strength to this bottom.
At the fundamental level, Saudi Arabia and the United Arab Emirates (UAE) have reached a compromise on the oil production deal, Reuters reported on Wednesday, citing sources from the Organization of the Petroleum Exporting Countries and its allies (OPEC).
Major crude oil producers such as the United Arab Emirates will have a larger oil production base of 3.65 million barrels a day for future oil deals, sources told Reuters.
This data caused the Crude Oil #CL to retreat and was subjected to a downward pressure that took it to the 72.00 area, a technical rebound at this level is likely for a bullish movement to the SMA area of 21 at 74.50.
According to the chart, we can see that Crude oil #CL is oscillating within a downtrend channel. We expect a break below the 200 EMA and a consolidation around 71.50 for a downward movement to the support zone of 4 / 8 for murray at 68.75.
The psychological level of 70.00 will also be imposed as an immediate support. If Crude oil breaks the EMA of 200, we believe that the price of crude will oscillate within the medium term between the level of 69-75, until the agreements through OPEC are concluded.
Our recommendation is to buy above the EMA of 200 and the 2/8 of murray, above 71.88 with targets at 74.50. Then at this level if it touches and fails to break the top of the bearish channel, sell with targets at 72.00. The Eagle indicator is showing a sign of an imminent bounce in the next few days.
Support and Resistance Levels for July 15 - 16, 2021
Resistance (3) 74.81
Resistance (2) 74.12
Resistance (1) 73.51
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Support (1) 71.61
Support (2) 70.52
Support (3) 68.41
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Trading tip for CRUDE OIL (#CL) for July 15 - 16, 2021
Buy above EMA 200 at 71.88, with take profit at 74.12 and 75.00 (8/8), stop loss below 71.40.
Sell if breaks 71.50 (EMA 200), with take profit at 70.00 and 68.75 (4/8), stop loss above 72.00.
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