Daily chart: CL broke the support at 103.85 level. It is very likely that CL begins to aim toward the support at 100.33 level. On the other hand, we must bear in mind that CL could make consolidation movements below the resistance at 103.85 level. The fall to the 100.33 level, would not be as lateralized, therefore, we must be alert to any bearish pattern. The MACD indicator remains in negative territory and still shows a lot of strength in the bearish trend of the moment.
H4 chart: CL is very close to the 200-day moving average. It is likely that CL could rise again until the resistance level at 104.09. For now, it is very possible that CL begins to form a higher low pattern and try to break the support at 102.01 level. If it does break, it is expected to fall to the level of 99.00. For now, the MACD indicator continues in negative territory and therefore, we must be very cautious, because CL could go to positive territory.
H1 chart: At current levels, it has formed a Point of Control (POC) near the support at 102.88 level. It is very possible that CL bounces there and achieves up again until the resistance at 104.00. If CL manages to break the support level of 102.88, it is expected to drop to the level of 102.15. On the other hand, if CL manages to break this resistance level, it is expected to rise to the level of 104.71, very close to the 200-day moving average. The MACD indicator is extremely oversold and entering positive territory.
Fundamental outlook: For the today’s session, Crude Oil Inventories will be published at 14:30 GMT in the United States (Previous: -2.8 / Forecast: -2.1M).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the CRUDE OIL breaks a bearish candlestick; the support level is at 102.88, take profit is at 102.15, and stop loss is at 103.61.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: CL broke the support at 103.85 level. It is very likely that CL begins to aim toward the support at 100.33 level. On the other hand, we must bear in mind that CL could make consolidation movements below the resistance at 103.85 level. The fall to the 100.33 level, would not be as lateralized, therefore, we must be alert to any bearish pattern. The MACD indicator remains in negative territory and still shows a lot of strength in the bearish trend of the moment.
H4 chart: CL is very close to the 200-day moving average. It is likely that CL could rise again until the resistance level at 104.09. For now, it is very possible that CL begins to form a higher low pattern and try to break the support at 102.01 level. If it does break, it is expected to fall to the level of 99.00. For now, the MACD indicator continues in negative territory and therefore, we must be very cautious, because CL could go to positive territory.
H1 chart: At current levels, it has formed a Point of Control (POC) near the support at 102.88 level. It is very possible that CL bounces there and achieves up again until the resistance at 104.00. If CL manages to break the support level of 102.88, it is expected to drop to the level of 102.15. On the other hand, if CL manages to break this resistance level, it is expected to rise to the level of 104.71, very close to the 200-day moving average. The MACD indicator is extremely oversold and entering positive territory.
Fundamental outlook: For the today’s session, Crude Oil Inventories will be published at 14:30 GMT in the United States (Previous: -2.8 / Forecast: -2.1M).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the CRUDE OIL breaks a bearish candlestick; the support level is at 102.88, take profit is at 102.15, and stop loss is at 103.61.
The material has been provided by InstaForex Company – www.instaforex.com
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