Crude Oil – Retesting Resistance | Possible Pullback Trade Setu
Crude Oil (1H timeframe)
broken out from its short-term downtrend channel and is now retesting key resistance near 5740.
Price is holding above the 5610 support, but upside is likely capped unless bulls sustain momentum.
🔹 Key Levels:
• Resistance: 5740 – 5770
• Support: 5610 → 5513
📊 Techni
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📈Bias: BULLISH RAID MODE ON
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🛡️Stop Loss: $67.50
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MCL About to Take the Express Elevator DownOn the 15-min chart, MCL has completed a clean double top at 64.50, with neckline support broken at 63.00. This pattern is forming within a broader descending channel, adding higher-timeframe confluence for further downside.
Bearish Scenario (Primary Bias – 70% Probability)
- Entry Zone: 63.80–64
CL1! Long Setup – Recovery BounceBias: Bullish
Reasoning:
Demand zone respected – Price reacted strongly from the 62.00 – 62.20 support zone, forming a bullish rejection wick.
Liquidity sweep – The recent dip below support grabbed liquidity before reversing upward, signaling possible continuation.
Higher timeframe confluence – O
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Frequently Asked Questions
The nearest expiration date for WTI Midland (Argus) Trade Month Futures (Sep 2023) is Aug 29, 2023.
Traders prefer to sell futures contracts when they've already made money on the investment, but still have plenty of time left before the expiration date. Thus, many consider it a good option to sell WTI Midland (Argus) Trade Month Futures (Sep 2023) before Aug 29, 2023.