Daily chart: CL failed to climb to the resistance at the 109.93 level and now, CL is again trying to break support at 106.70 level. If CL manages to break that level, it is expected to fall to the level of 103.85. On the other hand, it is very possible that CL undertakes a bullish rebound at this level and this attempt to climb back up to resistance at 109.93 level, which for the moment is unlikely, due to the extreme overbought levels that is showing the MACD indicator and this also could mean that CL can make a change in trend in the medium term.
H4 chart: CL found strong resistance at 108.78 level and this again broke the support at 107.44 level. Now, CL is forming a higher low pattern and if it ends in forming, it is expected to fall to the level of support 104.41. Furthermore, there is a possibility that CL resumes the bullish road and rises again until the resistance level at 108.78. The MACD indicator remains in negative territory, which supports a bearish outlook.
H1 chart: CL is trying to break the support level at 106.84, having found strong resistance at 108.72 level. If CL manages to break this support, it is expected to fall to the level of 105.50, but we must be very careful with the 200-day moving average, which is very close. Now, CL is forming a higher low pattern, so that the intraday’s bearish outlook becomes stronger. The MACD indicator is extremely oversold and showing a lot of weakness in the current trend, but still remains in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if CRUDE OIL breaks with a bearish candlestick, the support level is at 106.84, take profit is at 105.50, and stop loss is at 108.15.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: CL failed to climb to the resistance at the 109.93 level and now, CL is again trying to break support at 106.70 level. If CL manages to break that level, it is expected to fall to the level of 103.85. On the other hand, it is very possible that CL undertakes a bullish rebound at this level and this attempt to climb back up to resistance at 109.93 level, which for the moment is unlikely, due to the extreme overbought levels that is showing the MACD indicator and this also could mean that CL can make a change in trend in the medium term.
H4 chart: CL found strong resistance at 108.78 level and this again broke the support at 107.44 level. Now, CL is forming a higher low pattern and if it ends in forming, it is expected to fall to the level of support 104.41. Furthermore, there is a possibility that CL resumes the bullish road and rises again until the resistance level at 108.78. The MACD indicator remains in negative territory, which supports a bearish outlook.
H1 chart: CL is trying to break the support level at 106.84, having found strong resistance at 108.72 level. If CL manages to break this support, it is expected to fall to the level of 105.50, but we must be very careful with the 200-day moving average, which is very close. Now, CL is forming a higher low pattern, so that the intraday’s bearish outlook becomes stronger. The MACD indicator is extremely oversold and showing a lot of weakness in the current trend, but still remains in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if CRUDE OIL breaks with a bearish candlestick, the support level is at 106.84, take profit is at 105.50, and stop loss is at 108.15.
The material has been provided by InstaForex Company – www.instaforex.com
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