Daily chart: Crude Oil had a very bullish week and is now trying to climb to the resistance at the 96.73 level. It is quite possible that during this week, CL gets to that level and if CL can break it, it would be expected to rise to the level of 100.33, in the medium term. However, we must bear in mind that this level is a very strong resistance and CL could make a bearish rebound there to fall back to support at 96.46 level. Thus, this week will be decisive for the development of the trend in the long term, for Crude Oil. Anyway, Crude Oil stays above the 200-day moving average, so our bullish outlook remains intact. The MACD indicator is in positive territory, supporting our bullish outlook for CL.
H4 chart: Crude Oil continues its bullish road and is trying to reach the resistance at the 97.13 level, but we must take into account that before that level, there are several bearish trend lines that could curb future increases of CL to the level of 97.13, so we do not rule out Crude Oil forms a lower high pattern below that level. On the other hand, Crude Oil stays above the 200 day moving average and it is possible that if CL falls again, this bounce in the SMA 200, but if is not, it should be expected to fall to the level of 92.50, where there is a bullish trend line. The MACD indicator remains in positive territory, but is approaching overbought levels.
H1 chart: CL is moving between a strong Point of Control (POC) that formed in the 96.11 resistance level, having bounced off the 200-day moving average. This POC could act as a strong resistance on CL, so we must be careful placing buy orders at this time in CL. If CL fails to finish forming a lower high pattern and surpasses this POC, it is expected to rise to the level of 96.97. Furthermore, if CL manages to break the support level at 95.55, it is expected to drop to the level of 94.82. During this week, we should be aware if CL makes a bullish rebound in the moving average of 200, because if it does, we can expect that the overall outlook remains bullish for the coming weeks. The MACD indicator is approaching overbought levels, but remains in positive territory.
Fundamental outlook: For today’s session, we do not expect economic events will have considerable impact on Crude Oil, and we believe that this session will be of low volatility. However, we must be aware of what is happening today in Turkey, in Lebanon and Syria, oil markets are very important and anything that adversely affects these countries could trigger high demand in buy orders for Crude Oil.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if Crude Oil breaks with a bullish candlestick, the resistance level is at 96.36, take profit is at 96.97, and stop loss is at 95.72. Place sell (short) orders only if Crude Oil breaks with a bearish candlestick, the support level is at 95.55, take profit is at 94.82, and stop loss is at 96.24.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Crude Oil had a very bullish week and is now trying to climb to the resistance at the 96.73 level. It is quite possible that during this week, CL gets to that level and if CL can break it, it would be expected to rise to the level of 100.33, in the medium term. However, we must bear in mind that this level is a very strong resistance and CL could make a bearish rebound there to fall back to support at 96.46 level. Thus, this week will be decisive for the development of the trend in the long term, for Crude Oil. Anyway, Crude Oil stays above the 200-day moving average, so our bullish outlook remains intact. The MACD indicator is in positive territory, supporting our bullish outlook for CL.
H4 chart: Crude Oil continues its bullish road and is trying to reach the resistance at the 97.13 level, but we must take into account that before that level, there are several bearish trend lines that could curb future increases of CL to the level of 97.13, so we do not rule out Crude Oil forms a lower high pattern below that level. On the other hand, Crude Oil stays above the 200 day moving average and it is possible that if CL falls again, this bounce in the SMA 200, but if is not, it should be expected to fall to the level of 92.50, where there is a bullish trend line. The MACD indicator remains in positive territory, but is approaching overbought levels.
H1 chart: CL is moving between a strong Point of Control (POC) that formed in the 96.11 resistance level, having bounced off the 200-day moving average. This POC could act as a strong resistance on CL, so we must be careful placing buy orders at this time in CL. If CL fails to finish forming a lower high pattern and surpasses this POC, it is expected to rise to the level of 96.97. Furthermore, if CL manages to break the support level at 95.55, it is expected to drop to the level of 94.82. During this week, we should be aware if CL makes a bullish rebound in the moving average of 200, because if it does, we can expect that the overall outlook remains bullish for the coming weeks. The MACD indicator is approaching overbought levels, but remains in positive territory.
Fundamental outlook: For today’s session, we do not expect economic events will have considerable impact on Crude Oil, and we believe that this session will be of low volatility. However, we must be aware of what is happening today in Turkey, in Lebanon and Syria, oil markets are very important and anything that adversely affects these countries could trigger high demand in buy orders for Crude Oil.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if Crude Oil breaks with a bullish candlestick, the resistance level is at 96.36, take profit is at 96.97, and stop loss is at 95.72. Place sell (short) orders only if Crude Oil breaks with a bearish candlestick, the support level is at 95.55, take profit is at 94.82, and stop loss is at 96.24.
The material has been provided by InstaForex Company – www.instaforex.com
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