Daily chart: Finally, Crude Oil managed to break the resistance at the 96.73 level and now, the CL is heading towards the next resistance at 100.33 level. Obviously, the increase in CL will not be lateralized, it would be best to wait bullish patterns to place buy orders, as the lower high pattern. During this week, we could see that CL makes consolidation movements above support at 96.73 level. Recall that CL is maintained above the 200-day moving average, so we could see CL in the long term, a very bullish trend. But we must not forget that CL is very sensitive to fundamental news, so we have to keep us updated on what happens in the major markets that move Crude Oil. The MACD indicator is in positive territory and showing much strength in the bullish trend of the moment.
H4 chart: In this chart, CL is below the resistance levels at 98.23 and 98.07. Below these levels, CL is forming a lower high pattern. Last week, CL made a bullish rebound on the 200-day moving average, so we could see CL continuing to make more bullish moves in the medium term. If CL manages to break the resistance at the 98.32 level, it is expected to rise to 100.00 psychological level. The MACD indicator is in extreme overbought, so we must be cautious in today’s session, because the bullish trend in this chart is weakening a bit.
H1 chart: At the current price, Crude Oil is forming a Point of Control (POC), which could serve as support for future sessions this week. Now, CL is forming a lower high pattern and if CL breaks the resistance level at 98.16, it is expected to rise to the level of 99.14. Furthermore, if CL manages to break the support at the level of 97.61, it is expected to drop to the level of 96.97. The MACD indicator is negative and extreme overbought territory, so we must be careful when placing buy orders within the current range which is Crude Oil. However, our outlook in the short term for CL is still bullish, because it is above the 200-day moving average.
Fundamental Outlook: For today’s session, there will be no economic data releases having considerable impact on Crude Oil, but we must be attentive to what happens on the first day of the G8 meetings. Furthermore, we must be aware of everything that happens in Syria and Turkey, the major oil markets.
Trading recommendations for today: Based on the H1 chart, Place buy (long) orders only if the Crude Oil breaks with a bullish candlestick, the resistance level is at 98.16, take profit is at 99.14, and stop loss is at 97.19. Place sell (short) orders only if the Crude Oil breaks with a bearish candlestick, the support level is at 97.61, take profit is at 96.97, and stop loss is at 98.24.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Finally, Crude Oil managed to break the resistance at the 96.73 level and now, the CL is heading towards the next resistance at 100.33 level. Obviously, the increase in CL will not be lateralized, it would be best to wait bullish patterns to place buy orders, as the lower high pattern. During this week, we could see that CL makes consolidation movements above support at 96.73 level. Recall that CL is maintained above the 200-day moving average, so we could see CL in the long term, a very bullish trend. But we must not forget that CL is very sensitive to fundamental news, so we have to keep us updated on what happens in the major markets that move Crude Oil. The MACD indicator is in positive territory and showing much strength in the bullish trend of the moment.
H4 chart: In this chart, CL is below the resistance levels at 98.23 and 98.07. Below these levels, CL is forming a lower high pattern. Last week, CL made a bullish rebound on the 200-day moving average, so we could see CL continuing to make more bullish moves in the medium term. If CL manages to break the resistance at the 98.32 level, it is expected to rise to 100.00 psychological level. The MACD indicator is in extreme overbought, so we must be cautious in today’s session, because the bullish trend in this chart is weakening a bit.
H1 chart: At the current price, Crude Oil is forming a Point of Control (POC), which could serve as support for future sessions this week. Now, CL is forming a lower high pattern and if CL breaks the resistance level at 98.16, it is expected to rise to the level of 99.14. Furthermore, if CL manages to break the support at the level of 97.61, it is expected to drop to the level of 96.97. The MACD indicator is negative and extreme overbought territory, so we must be careful when placing buy orders within the current range which is Crude Oil. However, our outlook in the short term for CL is still bullish, because it is above the 200-day moving average.
Fundamental Outlook: For today’s session, there will be no economic data releases having considerable impact on Crude Oil, but we must be attentive to what happens on the first day of the G8 meetings. Furthermore, we must be aware of everything that happens in Syria and Turkey, the major oil markets.
Trading recommendations for today: Based on the H1 chart, Place buy (long) orders only if the Crude Oil breaks with a bullish candlestick, the resistance level is at 98.16, take profit is at 99.14, and stop loss is at 97.19. Place sell (short) orders only if the Crude Oil breaks with a bearish candlestick, the support level is at 97.61, take profit is at 96.97, and stop loss is at 98.24.
The material has been provided by InstaForex Company – www.instaforex.com
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