Daily chart: The Crude Oil has broken off a very strong resistance at 100.33 level. Its next target in the medium term will be up to resistance at 103.85 level. For now, it’s highly recommended to follow with the buy orders in the CL, because of the large upward trend that has been developing in the CL. It is not advisable to perform trading against the trend, because the CL maintains above the 200 day moving average. The MACD indicator is in a positive territory and showing a lot of strength in the current trend.
H4 chart: The CL broke the bullish trend line near the 99.80 level and now it is consolidating above the 100.00 level. Its next goal in this chart is the psychological level of 104.00. For now, it is better to wait for the CL to form lower high patterns to put buy orders and continue to favour the bullish trend of CL. The CL is maintained above the 200 day moving average and the MACD is in a positive territory. When this kind of movements occur so volatile, it is advisable to put conservative take profits.
H1 chart: A Point of Control (POC) has formed near the 98.00 level with strong support in the CL, which could further strengthen the bullish trens that it has today. The nearest resistance level is at 102.15. For now, I do not recommend doing intraday trading in the CL for the session today, because the oscillators and the MACD indicator are showing and predicting extreme overbought levels in the CL, so we could see the movement in a low range in the CL for the next few hours. However, the CL is maintained above the 200 day moving average, which strengthens our bullish outlook.
Fundamental outlook: For today’s session, Crude Oil Inventories data to be released (Previous: 0.0M / Forecast:-2.6M) at 14:30 GMT in the United States. The reason for such a significant rise in Crude Oil is said to be the protests in Egypt which raised investors’ concerns about oil supplies from that country.
Trading recommendations for today: For today’s session, I would not recommend putting new orders in the CL, because the best opportunities have passed since the start of the Asian session, so I recommend to wait for tomorrow, for possible new trading opportunities in Crude Oil.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The Crude Oil has broken off a very strong resistance at 100.33 level. Its next target in the medium term will be up to resistance at 103.85 level. For now, it’s highly recommended to follow with the buy orders in the CL, because of the large upward trend that has been developing in the CL. It is not advisable to perform trading against the trend, because the CL maintains above the 200 day moving average. The MACD indicator is in a positive territory and showing a lot of strength in the current trend.
H4 chart: The CL broke the bullish trend line near the 99.80 level and now it is consolidating above the 100.00 level. Its next goal in this chart is the psychological level of 104.00. For now, it is better to wait for the CL to form lower high patterns to put buy orders and continue to favour the bullish trend of CL. The CL is maintained above the 200 day moving average and the MACD is in a positive territory. When this kind of movements occur so volatile, it is advisable to put conservative take profits.
H1 chart: A Point of Control (POC) has formed near the 98.00 level with strong support in the CL, which could further strengthen the bullish trens that it has today. The nearest resistance level is at 102.15. For now, I do not recommend doing intraday trading in the CL for the session today, because the oscillators and the MACD indicator are showing and predicting extreme overbought levels in the CL, so we could see the movement in a low range in the CL for the next few hours. However, the CL is maintained above the 200 day moving average, which strengthens our bullish outlook.
Fundamental outlook: For today’s session, Crude Oil Inventories data to be released (Previous: 0.0M / Forecast:-2.6M) at 14:30 GMT in the United States. The reason for such a significant rise in Crude Oil is said to be the protests in Egypt which raised investors’ concerns about oil supplies from that country.
Trading recommendations for today: For today’s session, I would not recommend putting new orders in the CL, because the best opportunities have passed since the start of the Asian session, so I recommend to wait for tomorrow, for possible new trading opportunities in Crude Oil.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: