Technical Analysis of Crude Oil(WTI)

Crude oil prices held weaker in Asia on Monday on dimmed hopes for demand-led growth as China showed manufacturing remains in contraction.

On the New York Mercantile Exchange, crude oil for delivery in March dropped 1.34% to $33.13 a barrel. Brent fell 1.65% to $35.38 a barrel.

Most Likely Scenario:- Long above @32.74 with target 35.89 to complete its bullish butterfly pattern at D

Alternative:- Short below @32.74 with target 31.09 for further retracement.

Trend Sentiments:- Uptrend

Candlestick Pattern:- Bullish Hammer

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