Crude Oil (WTI) (N4) is one of the most actively traded commodities, offering numerous opportunities for intraday traders. Understanding the support and resistance levels is crucial for making informed trading decisions. This article provides a detailed analysis of the current intraday support and resistance levels for Crude Oil (WTI) (N4), along with recommended trading strategies.
Bullish Bias Above 78.30
Pivot: 78.30
The current analysis indicates a bullish bias for Crude Oil (WTI) (N4) as long as the price remains above the pivot level of 78.30. This pivot point is a critical threshold that helps traders determine the market’s overall direction.
Our Preference: Long Positions Above 78.30
For traders looking to capitalize on the bullish momentum, we recommend taking long positions above 78.30. The immediate targets for these positions are 78.90 and 79.30 in extension. The break above 78.30 is a positive signal that suggests further upward movement toward these targets.
Alternative Scenario: Downside Risk Below 78.30
In case the price falls below 78.30, traders should look for potential downside with targets at 77.95 and 77.65. This alternative scenario prepares traders for a possible market reversal, allowing them to mitigate risks and adjust their positions accordingly.
Comment: Positive Signal Above 78.30
The recent break above the 78.30 level is a positive signal, indicating a potential path towards 78.90. This bullish indicator aligns with our preferred long position strategy, reinforcing the upward trend.
Supports and Resistances
To effectively navigate the Crude Oil (WTI) (N4) market, it is essential to understand key support and resistance levels. These levels act as price points where the market is likely to encounter buying or selling pressure.
| Level Type | Price |
|---|---|
| Resistance 1 | 79.60 |
| Resistance 2 | 79.30 |
| Resistance 3 | 78.90 |
| Last Price | 78.68 |
| Pivot | 78.30 |
| Support 1 | 77.95 |
| Support 2 | 77.65 |
Crude Oil (WTI) (N4) Intraday Entry and Exit Points
Understanding the pivot points and support/resistance levels can help traders identify optimal entry and exit points. Here are the key points for today’s trading:
- Entry Point for Long Positions: Above 78.30
- Exit Targets for Long Positions: 78.90 and 79.30
- Entry Point for Short Positions: Below 78.30
- Exit Targets for Short Positions: 77.95 and 77.65
Crude Oil (WTI) (N4) Intraday Pivot Points
Pivot points are essential for intraday trading as they help determine the overall market trend over different time frames. Today’s pivot point is set at 78.30, which serves as the primary indicator for the bullish bias.
Crude Oil (WTI) (N4) Intraday Market Trends
Monitoring market trends is vital for successful trading. Currently, the market exhibits a bullish trend above the pivot level of 78.30, with the potential to reach the resistance levels at 78.90 and 79.30. Traders should keep an eye on these levels for potential breakout opportunities.
Crude Oil (WTI) (N4) Intraday Trading Strategies
To effectively trade Crude Oil (WTI) (N4), traders should consider the following strategies:
- Long Positions: Enter above 78.30 with targets at 78.90 and 79.30.
- Short Positions: Consider below 78.30 with targets at 77.95 and 77.65.
- Risk Management: Use stop-loss orders to minimize potential losses and protect profits.
Conclusion
Crude Oil (WTI) (N4) offers numerous intraday trading opportunities. By understanding and utilizing key support and resistance levels, pivot points, and market trends, traders can make informed decisions and enhance their trading performance. Stay updated with the latest market analysis to navigate the volatile crude oil market successfully.
For more detailed information and trading insights, visit our website: XAUUSD Buy or Sell Forecast Analytics for 2024
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