MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network


Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 ©

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.



Expert In



Trading Signal for Crude Oil - #CL/ WTI for August 20 - 23, 2021: Buy above $62.35 (0/8)


The price of Crude Oil (#CL or WTI) has reached a key level of 0/8 murray around 62.35. This level represents strong support. Given that it has tested this level for the second time, we believe it could form a double bottom reversal pattern.

The weekly report on crude inventories revealed a decrease of -3.2 million barrels in the week ending August 13. Although this data was higher than expected, oil could not make a significant rebound as the downward pressure continued to weaken the price.

Crude Oil has quickly fallen to a critical level of 62.30 (0/8). The spread of the virus in China and other parts of Asia is probably affecting the demand for crude. If oil loses this level, there could be a drop to the psychological level of 60.00.

On the other hand, OPEC + has begun to normalize its oil production which will alleviate a potential upside in oil prices. For now, we expect a technical rebound towards the levels of 63.44 (SMA 21).

On the chart, we can notice a downtrend line that is projected from the high of 74.00, and it is still prevailing. Now the line converges around 65.00. This could be the objective if WTI makes a technical rebound from the low of 62.35.

The technical reading of the eagle indicator, that measures the strength and volume of the market, has reached a level of extreme oversold condition(5). Therefore, we believe that at the current price levels there could be a technical rebound. The key level to buy from is above 62.35, with the targets at 63.44 (21 SMA) and 65.62 (4/8 and top of bearish channel).

Support and Resistance Levels for August 20 - 23, 2021

Resistance (3) 64.68

Resistance (2) 63.51

Resistance (1) 62.96


Support (1) 61.39

Support (2) 60.95

Support (3) 60.38

The material has been provided by InstaForex Company -