Daily chart: CL is forming a lower high pattern, below the resistance level of 106.70. It is likely that CL will find resistance at this level, however, there is also a possibility that it may break, because CL is very strong in its current bullish trend. If the CL manages to break that level, it is expected to rise to the level of 109.93. For CL it is very important you leave the range that is now, because in the long term, this does not have a very clear trend. The MACD indicator is extremely oversold and showing weakness in any bearish force that could arise on CL.
H4 chart: CL is maintained above the 200-day moving average and is approaching the resistance at 107.44. If this manages to break that level, it is expected to rise to the level of 108.76. On the other hand, it is very likely that CL falls back to support at 105.61, but this fall would be for a bullish rebound and further strengthen the bullish trend of the moment. However, if CL achieves in breaking the support level at 105.61, it is expected to drop to the level of 104.09. The MACD indicator is in extreme overbought and entering neutral territory.
H1 chart: CL has a strong bullish rebound on Point of Control (POC) near the support at 106.02 level. For this reason, it is very likely that the CL continue above the SMA 200, at least for the remainder of the week. If CL manages to break the resistance level of 106.84, it is expected to rise to the level of 107.82. On the other hand, although it is not likely, if CL manages to break the support at 106.02 level, would be expected to fall to the level of 105.50, which houses the 200-day moving average. The MACD indicator remains in negative territory, so we must be cautious.
Fundamental outlook: For today’s session, the Crude Oil Inventories (Previous: -1.3M) at 14:30 GMT in the United States will be published.
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 106.82, take profit is at 107.82, and stop loss is at 105.87.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: CL is forming a lower high pattern, below the resistance level of 106.70. It is likely that CL will find resistance at this level, however, there is also a possibility that it may break, because CL is very strong in its current bullish trend. If the CL manages to break that level, it is expected to rise to the level of 109.93. For CL it is very important you leave the range that is now, because in the long term, this does not have a very clear trend. The MACD indicator is extremely oversold and showing weakness in any bearish force that could arise on CL.
H4 chart: CL is maintained above the 200-day moving average and is approaching the resistance at 107.44. If this manages to break that level, it is expected to rise to the level of 108.76. On the other hand, it is very likely that CL falls back to support at 105.61, but this fall would be for a bullish rebound and further strengthen the bullish trend of the moment. However, if CL achieves in breaking the support level at 105.61, it is expected to drop to the level of 104.09. The MACD indicator is in extreme overbought and entering neutral territory.
H1 chart: CL has a strong bullish rebound on Point of Control (POC) near the support at 106.02 level. For this reason, it is very likely that the CL continue above the SMA 200, at least for the remainder of the week. If CL manages to break the resistance level of 106.84, it is expected to rise to the level of 107.82. On the other hand, although it is not likely, if CL manages to break the support at 106.02 level, would be expected to fall to the level of 105.50, which houses the 200-day moving average. The MACD indicator remains in negative territory, so we must be cautious.
Fundamental outlook: For today’s session, the Crude Oil Inventories (Previous: -1.3M) at 14:30 GMT in the United States will be published.
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 106.82, take profit is at 107.82, and stop loss is at 105.87.
The material has been provided by InstaForex Company – www.instaforex.com
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