Daily chart: The CL is making a possible bearish rebound in the resistance at 103.85 level. It is likely that below that level the CL forms a lower high pattern to continue rising. If the CL manages to break this resistance, it is expected to rise to the level of 106.70. On the other hand, we must consider the CL could move in low range during this week, because it is too overbought. The MACD indicator remains in a positive territory and showing extreme overbought levels.
H4 chart: Finally, the CL was able to break the resistance level at 102.01, after having formed a lower high pattern below the resistance. Now, it is very likely that the CL up a little more to the level of 104.00 and makes a small bearish rebound. If the CL fails to make that rebound, it’s expected to fall to the level of 102.01. On the other hand, it is very likely that above that level the CL continues forming a lower high pattern. The CL is maintained above the 200 day moving average and the MACD indicator remains in a positive territory and is beginning to show some signs of extreme overbought.
H1 chart: The CL is making a slight rebound in bearish resistance at 104.00, which is forming a Point of Control (POC). It is very possible that the CL might fall back to support at 102.15 level, but on the other hand, it is possible that the CL begins to form a lower high pattern to continue rising. If the CL manages to break this resistance, it is expected to rise to the level of 105.00. The MACD indicator is in overbought extreme, so it is quite possible that the CL low range movements made during today’s session due to lack of economic events affecting the CL’s trend for today’s session.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the Crude Oil pair breaks with a bullish candlestick, the resistance level is at 104.00, take profit is at 105.00, and stop loss is at 103.01.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The CL is making a possible bearish rebound in the resistance at 103.85 level. It is likely that below that level the CL forms a lower high pattern to continue rising. If the CL manages to break this resistance, it is expected to rise to the level of 106.70. On the other hand, we must consider the CL could move in low range during this week, because it is too overbought. The MACD indicator remains in a positive territory and showing extreme overbought levels.
H4 chart: Finally, the CL was able to break the resistance level at 102.01, after having formed a lower high pattern below the resistance. Now, it is very likely that the CL up a little more to the level of 104.00 and makes a small bearish rebound. If the CL fails to make that rebound, it’s expected to fall to the level of 102.01. On the other hand, it is very likely that above that level the CL continues forming a lower high pattern. The CL is maintained above the 200 day moving average and the MACD indicator remains in a positive territory and is beginning to show some signs of extreme overbought.
H1 chart: The CL is making a slight rebound in bearish resistance at 104.00, which is forming a Point of Control (POC). It is very possible that the CL might fall back to support at 102.15 level, but on the other hand, it is possible that the CL begins to form a lower high pattern to continue rising. If the CL manages to break this resistance, it is expected to rise to the level of 105.00. The MACD indicator is in overbought extreme, so it is quite possible that the CL low range movements made during today’s session due to lack of economic events affecting the CL’s trend for today’s session.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the Crude Oil pair breaks with a bullish candlestick, the resistance level is at 104.00, take profit is at 105.00, and stop loss is at 103.01.
The material has been provided by InstaForex Company – www.instaforex.com
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