 |
Crude Oil intraday trading analysis with pivot points
Crude Oil (WTI) prices have shown signs of bullish momentum in the short term, with key support and resistance levels shaping the intraday outlook. The pivotal level to watch is 68.35, as it has proven to be a strong support base, helping Crude Oil stabilize temporarily. Understanding the trading preference and potential alternative scenarios will help traders make informed decisions throughout the day.
Pivot Point Analysis: 68.35
The key pivot point for Crude Oil (WTI) intraday trading today is 68.35. This level plays a crucial role in determining the short-term direction of prices. The pivot point acts as a barrier for both buying and selling decisions, and traders need to monitor this level closely for any signs of price action reversal.
Our Preference: Long Positions Above 68.35
Given the current market conditions, our primary preference is to go long if the price stays above the 68.35 level. As long as Crude Oil remains above this support base, there is a favorable outlook for continued upward movement. The target levels for long positions are 69.70 and 70.25, with the latter being the more aggressive extension level.
Targeting 69.70 and 70.25
- 69.70: This is the first resistance level, where Crude Oil might face some selling pressure. If the price pushes past this level, it could signal further strength.
- 70.25: A higher resistance level that could offer more upside potential if the bullish momentum continues.
Alternative Scenario: Short Positions Below 68.35
If Crude Oil falls below the 68.35 pivot point, the alternative scenario would call for looking for short positions. A drop below this level would indicate that the support has broken, and there could be further downside pressure. In this case, 67.85 and 67.25 would be the next targets for potential bearish moves.
Targeting 67.85 and 67.25
- 67.85: The immediate support level that could act as a target if prices move lower.
- 67.25: A deeper support level, which may become a critical point of interest if the downtrend continues.
Comment: Stabilization at 68.35 Support
A notable observation is that a support base at 68.35 has formed, leading to a temporary stabilization in Crude Oil prices. This base has allowed for some price recovery, giving traders confidence that the bullish bias could persist as long as the support holds. A break below this level would signal potential weakness and could open the door for further downside.
Supports and Resistances
The following table summarizes the important support and resistance levels for Crude Oil (WTI):
| Level | Type |
|---|---|
| 70.80 | Resistance |
| 70.25 | Resistance |
| 69.70 | Resistance |
| 68.74 | Resistance |
| 68.35 | Pivot Point |
| 67.85 | Support |
| 67.25 | Support |
These levels act as key reference points to guide intraday trading decisions, helping traders to place stop-loss and take-profit orders effectively.
Conclusion: Bullish Bias Above Pivot
In conclusion, the intraday outlook for Crude Oil (WTI) is bullish as long as prices stay above the 68.35 pivot level. The first upside targets are 69.70 and 70.25, while a break below 68.35 would shift the bias to the downside with 67.85 and 67.25 as potential targets. Traders should remain alert for price action around these critical levels and manage their positions accordingly.
Post a Comment