Crude Oil Technical Analysis: Potential Bullish Alt-Bat Pattern

<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>In this technical analysis report, we will examine the current state of the crude oil market and identify potential bullish and bearish scenarios.</p>
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<h3>Introduction:</h3>
<div>We will analyze the key support and resistance levels, as well as the Fibonacci retracement levels, to gain insight into the market&#8217;s future direction.</div>
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<h3>Market Analysis:</h3>
<div>On April 12th, the price of crude oil forged a fractal resistance at $83.47. Since then, the price has declined by 23.73% over the past 21 days, resulting in a test of the support and monthly fractal at $64.21. However, a fresh fractal support was forged at $63.66, and an intra-day resistance seems to be at $69.45 (for now).</div>
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<div itemprop="ImageObject" itemscope="itemscope" itemtype="https://schema.org/ImageObject"><div><a href="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img1-800×400.jpeg"><img class="avia_image " src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/05/img1-scaled.jpeg" alt="oil" title="img1" itemprop="thumbnailUrl" /></a></div></div>
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><h3>Potential Bullish Alt-Bat Pattern:</h3>
<div>If the price of crude oil moves below this current support zone, it may reach the major 61.8% Fibonacci retracement level around $57, in alignment with the 113% fib extension, it may craft a bullish alt-bat pattern. This pattern is expected to be $3.10 lower at $53.90. It is interesting to note that the bullish alt-bat pattern is intended to produce a positive move equivalent to 0.382% of the previous bearish movement. This might help crude oil to recover and retest the weekly fractal barrier of $83.47, resulting in a 54.7% bullish move.</div>
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<h3>Bearish Scenario:</h3>
<div>Failure to establish support with the formation of the bullish alt-bat pattern may result in a major decrease in crude oil prices, forcing a test of the April 2020 lows. In this case, a move to the 161.8% Fibonacci level would put crude oil at $20.41, forming the bullish crab pattern at the golden fib.</div>
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<div>In conclusion, as a trader or investor in the crude oil market, it is crucial to stay up-to-date with the latest technical analysis and market insights to make informed decisions. Joining a community of like-minded individuals can provide access to valuable information and analysis, as well as a forum for discussion and debate.</div>
<div>We highly recommend joining our chat members at Forex Analytix platform, where traders and analysts share their expertise and insights on a variety of financial markets, including crude oil. By joining our community, you can stay informed and make informed trading decisions in real-time. We look forward to welcoming you to our platform.</div>
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<div>Safe Trades,</div>
<div>André Cardoso</div>
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<div><em>Risk Warning: Trading financial assets involves a high level of risk and may result in the loss of all your capital. Be sure to fully understand the risks involved before starting trading and carefully consider your investment objectives, level of experience, and risk tolerance. The data and information provided in this content do not constitute financial or investment advice and should not be considered as such. Only invest what you can afford to lose and be aware of the risks associated with trading financial assets.</em></div>
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<p>The post <a rel="nofollow" href="https://www.forexanalytix.com/blog/crude-oil-bullish-alt-bat-pattern/">Crude Oil Technical Analysis: Potential Bullish Alt-Bat Pattern</a> appeared first on <a rel="nofollow" href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>