CRUDEOIL UPDATE | JULY 3

Potential crude oil price movement in a 1-day timeframe

Shooting Star Pattern identified, a bearish reversal candlestick pattern called a "shooting star." This suggests a potential price decline if certain conditions are met.

Key Levels:

Support: 6840 - If the price falls below and sustains under 6840, it could indicate further downward movement.
Resistance: 6950 - A break above 6950 would invalidate the bearish shooting star pattern and suggest a potential price increase.
Predicted Movement:

Downside: If the price closes below 6840, you expect a further 40-50 point decline.
Important Notes:

This analysis is based on a single technical indicator (shooting star) in a 1-day timeframe. It's important to consider other technical indicators and fundamental factors that can influence price movement.


Supporting indicators: Are there other technical indicators that support the bearish signal from the shooting star?