Daily chart: CL made a bullish rebound at the support level of 103.85. Now, CL is trying to climb to the resistance at 106.70. If CL manages to break that level, it is expected to rise to the level of 109.93. On the other hand, we must consider CL could fall back to support at 103.85 and break it. If this succeeds, it is expected to fall to the level of 100.33. CL is maintained above the 200-day moving average and the MACD indicator remains in negative territory, so we must be careful with CL.
H4 chart: CL is trying to break a bullish trend line near 106.00. Near that level, CL is forming a lower high pattern, above the level of resistance at 105.61. It is likely that the resistance for CL rises to the level of 107.44, however, if CL fails to make a bearish rebound at current levels it would be expected to fall to the level of support at 104.09, near the 200-SMA. However, the overall outlook for CL is still bullish, because this made a bullish rebound at the 200-day moving average in the previous session. The MACD indicator remains in positive territory and still shows no signs of extreme overbought.
H1 chart: CL is consolidating above the 200-day moving average and now it is trying to break this resistance at 106.02. If the CL manages to break that level, it is expected to rise to the level of 106.84. Furthermore, if CL manages to break the support level of 105.50, it is expected to drop to the level of 104.71. For now, the CL remains strong in its current bullish trend. It is likely to continue to rise this week, but CL is approaching strong resistance levels that could slow its bullish trend. The MACD indicator is extremely overbought and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if CRUDE OIL breaks a bullish candlestick; the resistance level is at 106.02, take profit is at 106.84, and stop loss is at 105.24.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: CL made a bullish rebound at the support level of 103.85. Now, CL is trying to climb to the resistance at 106.70. If CL manages to break that level, it is expected to rise to the level of 109.93. On the other hand, we must consider CL could fall back to support at 103.85 and break it. If this succeeds, it is expected to fall to the level of 100.33. CL is maintained above the 200-day moving average and the MACD indicator remains in negative territory, so we must be careful with CL.
H4 chart: CL is trying to break a bullish trend line near 106.00. Near that level, CL is forming a lower high pattern, above the level of resistance at 105.61. It is likely that the resistance for CL rises to the level of 107.44, however, if CL fails to make a bearish rebound at current levels it would be expected to fall to the level of support at 104.09, near the 200-SMA. However, the overall outlook for CL is still bullish, because this made a bullish rebound at the 200-day moving average in the previous session. The MACD indicator remains in positive territory and still shows no signs of extreme overbought.
H1 chart: CL is consolidating above the 200-day moving average and now it is trying to break this resistance at 106.02. If the CL manages to break that level, it is expected to rise to the level of 106.84. Furthermore, if CL manages to break the support level of 105.50, it is expected to drop to the level of 104.71. For now, the CL remains strong in its current bullish trend. It is likely to continue to rise this week, but CL is approaching strong resistance levels that could slow its bullish trend. The MACD indicator is extremely overbought and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if CRUDE OIL breaks a bullish candlestick; the resistance level is at 106.02, take profit is at 106.84, and stop loss is at 105.24.
The material has been provided by InstaForex Company – www.instaforex.com
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