The daily chart of Light Crude Oil Futures (NYMEX) indicates a long-term bearish trend, with key levels offering opportunities for short-term scalp trades.

Key Observations:
  • Downtrend Resistance: The yellow trendline starting from 2022 highs continues to cap upward movements.
  • Support Zone: $66.40 is a critical level where buyers repeatedly defend, creating a strong price floor.
  • Resistance Levels: $72.58, $77.20, and $84.20 serve as major hurdles for upward price action.
  • Volume: No significant volume spikes currently, but monitor closely for breakout confirmation.


Scalp Trading Opportunities:
1. Long Trade:
  • Entry: Near $66.40 support on a bounce.
  • Targets: $69.00 (nearest resistance) and $72.58.
  • Stop-Loss: Below $65.90.
  • Why? Buyers consistently hold this level, making it ideal for quick upward moves.

2. Short Trade:
  • Entry: Near $72.58 resistance after a rejection.
  • Targets: $69.00 and $66.40.
  • Stop-Loss: Above $73.50.
  • Why? Sellers dominate this zone, offering quick pullback opportunities.


Key Points to Watch:
  • Bearish Breakout: A high-volume breakdown below $66.40 could send prices to $60 or lower.
  • Bullish Reversal: Breaking the yellow trendline and $77.20 resistance could spark a rally toward $84.20.
  • Volume Confirmation: Significant volume spikes near key levels (support or resistance) often confirm a breakout or rejection.
Chart PatternsCrude Oil Futures WTI (CL1!)comoditiesCrude OilSupport and ResistancetradeTrend AnalysisCrude Oil WTI

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