WTI Crude Oil Intra-day Analysis 16th Nov. 2020

Further Advance

Our Pivot: 40.40

Our Preference: Start buying Crude oil above 40.79 with strict stop loss of 40.40 and profit target at 41.30 with extension towards 41.50.

Alternate Scenario: Downward penetration of 40.40 will call for 40.00.

NOTE: Crude oil have completed its 50% correction inside a descending wedge and right now trying to give a bullish breakout of this wedge.

Hourly chart with supports & resistances: