1οΈβ£ Positive vaccine hope-major boost in energy demand 2οΈβ£ Demand driven recent upward rally 3οΈβ£ Break and retest happens around 40.00 ( Psychological level ) 4οΈβ£ 44.00 Upper side resistance - Minor Key reversal area 5οΈβ£ Successful move out of the ranging territory 6οΈβ£ August high - 43.79 immediate support for bull 7οΈβ£ Technical support - Bull 8οΈβ£ 48.00 will acted as key reversal-bearish 9οΈβ£ June, September, October months low's forming a lower side trend line π Possible swing target-48.00 Key reversal area *οΈβ£ Reverse Parabolic move-Slowing of the momentum #οΈβ£ Overall trend - bullish
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π Technical bias-H4-Bullish
Price is above 50,100,200 Exponential moving average 50 Exponential moving average will act as support-Bull Ichimoku cloud -cloud is still green -Cloud supporting the bullish trend Bollinger band- Price reached around the upper side of the band and middle band is acting as bullish support Relative strength index - Reached around 50 neutral area 50- Will act as support for bullish trend MACD -Turned red and fell below the signal line ,oscillators are crossed and pointing downwards Stochastic - Reached around 60- Oscillators are converging pointing downwards short term fall back expected
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Key reversal area's
44.00 Psychological level/Dynamic support & Resistance 43.79 August month high 48.00 Key reversal area/psychological level 41.86 October month high 4.39 September month high 43.00 Major psychological level 38.00 POC area 43.79 Support level/Possible entry- Bull 48.00 Psychological level/Alternative bearish entry
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Bullish entry #oil #usoil
Entry price - 43.80
Take profit 01 - 45.00 Take profit 02 - 46.20 Take profit 03 - 48.00