Short-term view
The crude oil prices took the support at 100WSma, though it hit the 50WSma but managed to close above it. The prices have a support zone between 96.55-96.30, traders can buy between 96.5-94.80 with sl 94.50. As of now, the prices are above 100WSma and 38.2 fib level in the weekly chart. In the short term, if the price hits 94.50, it can extend its fall up to 93.40 and 92.50 levels.
Support 96.50 96.30 94.80
Resistance 97.60 98.66 100.45
The prices are trading below the 200DSma and Ema and far below the 50DSma. Its looks a bit worrying in the near term. But the geopolitical concerns and a minor positive divergence in the daily RSI supports the price to trade above 38.2 fib level.
A breach above 98.66, strong reversals will take place - Pending
A day close above 99.40, weekly trend turns positive - Pending
A weekly close above 97.55, the rest of the month can turn to positive - Pending
Intraday- cmp 97.21
The prices trading above the 35Hrsma made a minor support at 96.80 (15 hr low) in the h4 chart, below this, 95.55 and 96.30 will act as a major support level. Safe trades can buy above 97.50 for targets 98.20, 98.50 and 98.66. Above 98.66, we can see strong up move of up to 124 pips with intermediate resistance.
Support 96.80 96.55 96.30
