On the daily chart, crude oil tests the resistance at $109 for the third continues trading day. The level's break-out is imminent. In this case, the next target will be March 24th peak at $115.8.
On the 6H time frame, the pair is trading in the uptrend tunnel struggling for a break-out. If the bears can push the black gold below the 25 daily moving average, we will witnessing a double top pattern. In this scenario, the correction started from March higher highs will continue, and a retest of the support levels at $99.5 and $99 can be seen in the upcoming weeks.
Resistance Levels: $109.26 , $111.69 , 126.63 | Support Levels: $105.2 , $99 , $92.2
Trade suggestions:
Buy stop: $110.3 , Target: $115.5 , Stop: $105.4
Sell stop: $106.1 , Target: $99.3 , Stop: $110.8
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