Daily chart: The CL is trying to fall back below resistance at the 106.70 level. It is likely that this small bearish movement is something “corrective”. However, if the CL manages to break that level, it is expected to fall to the level of 103.85. Furthermore, the CL may form a lower high pattern, so that this will continue to rise to the resistance level at 109.93. For now, indecision seizes are observed on the CRUDE OIL, due to the current situation in Egypt. The MACD indicator is extremely oversold and neutral territory.
H4 chart: Currently, the CL is following a bullish trend line that was drawn from the support at the 102.23 level. It is very likely that the CL continue to respect this trend line and if the CL manages to break the resistance at the 108.05 level, it is expected to rise to the level of 108.76. On the other hand, if the CL achieved the bullish trend line break near the level of 106.55, it is expected to drop to the level of 105.61, which could begin a bearish trend in CL. The MACD indicator remains in negative territory, although it is likely to come into neutral territory in the coming hours.
H1 chart: At the inception of the week, the CL made a strong bearish rebound in the 107.82 resistance level. Now, it is very likely that the CL falls to the support at the level of 106.82. If the CL manages to break that level, it is expected to fall to the level of 106.02, below the 200-day moving average. On the other hand, if the CL manages to break the resistance level at 107.82, it would be expected to rise to the level of 108.25. If the CL manages to consolidate below the 106.02 level, it is likely that the bullish trend is invalidated on the CL. The MACD indicator remains in negative territory, so we must be cautious.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the CRUDE OIL breaks a bullish candlestick; the resistance level is at 107.82, take profit is at 108.25, and stop loss is at 107.38.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The CL is trying to fall back below resistance at the 106.70 level. It is likely that this small bearish movement is something “corrective”. However, if the CL manages to break that level, it is expected to fall to the level of 103.85. Furthermore, the CL may form a lower high pattern, so that this will continue to rise to the resistance level at 109.93. For now, indecision seizes are observed on the CRUDE OIL, due to the current situation in Egypt. The MACD indicator is extremely oversold and neutral territory.
H4 chart: Currently, the CL is following a bullish trend line that was drawn from the support at the 102.23 level. It is very likely that the CL continue to respect this trend line and if the CL manages to break the resistance at the 108.05 level, it is expected to rise to the level of 108.76. On the other hand, if the CL achieved the bullish trend line break near the level of 106.55, it is expected to drop to the level of 105.61, which could begin a bearish trend in CL. The MACD indicator remains in negative territory, although it is likely to come into neutral territory in the coming hours.
H1 chart: At the inception of the week, the CL made a strong bearish rebound in the 107.82 resistance level. Now, it is very likely that the CL falls to the support at the level of 106.82. If the CL manages to break that level, it is expected to fall to the level of 106.02, below the 200-day moving average. On the other hand, if the CL manages to break the resistance level at 107.82, it would be expected to rise to the level of 108.25. If the CL manages to consolidate below the 106.02 level, it is likely that the bullish trend is invalidated on the CL. The MACD indicator remains in negative territory, so we must be cautious.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the CRUDE OIL breaks a bullish candlestick; the resistance level is at 107.82, take profit is at 108.25, and stop loss is at 107.38.
The material has been provided by InstaForex Company – www.instaforex.com
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