Daily chart: CL continues trying to break the resistance at 106.70 level. However, CL resists to fall to the support level at 103.85. Now, CL is forming a lower high pattern, to continue rising, but we must stay aware before an imminent turnaround, because the buy orders in CL are being depleted and the MACD indicator is showing us a clear overbought and strong weakening in the current trend bullish CL. However, CL is maintained above 200 SMA.
H4 chart: CL is maintained within the range between 107.39 and 104.41. If CL manages to break the resistance level of 107.39, it is expected to rise to the level of 109.65. Furthermore, if CL manages to break the support level at 104.41, it is expected to drop to the level of 102.01. CL is maintained above the 200-day moving average and the MACD indicator is re-entering negative territory, which could strengthen a bearish trend for CL during today’s session.
H1 chart: CL found strong resistance at 106.84 level and it fell again to the level of 105.90, where a Point of Control (POC) is doing support in CL. However, if CL breaks the support level of 105.50, it is expected to drop to the level of 104.71. On the other hand if CL makes a bullish rebound in the POC, it would be expected to rise again until the resistance level at 106.84. The MACD indicator remains in negative territory.
Fundamental Outlook: For today’s session,Crude Oil Inventories (Previous:-9.9M / Forecast:-1.9M) will be published at 14:30 GMT in the United States.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if CRUDE OIL breaks with a bullish candlestick, the resistance level is at 1.5146, take profit is at 1.5198, and stop loss is at 1.5097. Place sell (short) orders only if CRUDE OIL breaks with a bearish candlestick, the support level is at 1.5119, take profit is at 1.5074, and stop loss is at 1.5163.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: CL continues trying to break the resistance at 106.70 level. However, CL resists to fall to the support level at 103.85. Now, CL is forming a lower high pattern, to continue rising, but we must stay aware before an imminent turnaround, because the buy orders in CL are being depleted and the MACD indicator is showing us a clear overbought and strong weakening in the current trend bullish CL. However, CL is maintained above 200 SMA.
H4 chart: CL is maintained within the range between 107.39 and 104.41. If CL manages to break the resistance level of 107.39, it is expected to rise to the level of 109.65. Furthermore, if CL manages to break the support level at 104.41, it is expected to drop to the level of 102.01. CL is maintained above the 200-day moving average and the MACD indicator is re-entering negative territory, which could strengthen a bearish trend for CL during today’s session.
H1 chart: CL found strong resistance at 106.84 level and it fell again to the level of 105.90, where a Point of Control (POC) is doing support in CL. However, if CL breaks the support level of 105.50, it is expected to drop to the level of 104.71. On the other hand if CL makes a bullish rebound in the POC, it would be expected to rise again until the resistance level at 106.84. The MACD indicator remains in negative territory.
Fundamental Outlook: For today’s session,Crude Oil Inventories (Previous:-9.9M / Forecast:-1.9M) will be published at 14:30 GMT in the United States.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if CRUDE OIL breaks with a bullish candlestick, the resistance level is at 1.5146, take profit is at 1.5198, and stop loss is at 1.5097. Place sell (short) orders only if CRUDE OIL breaks with a bearish candlestick, the support level is at 1.5119, take profit is at 1.5074, and stop loss is at 1.5163.
The material has been provided by InstaForex Company – www.instaforex.com
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