Daily chart: CL made a bullish rebound in the 200-day moving average and this failed to break the resistance at the 94.46 level. It is possible that CL will rise again until the resistance level at 96.73. However, we recommend caution when doing swing trading in CL, because this has been unable to define a strong trend in the long term. If CL manages to break the resistance level at 96.73, it would be expected to rise to the level of 98.61. Furthermore, if CL breaks the support level of 94.46, it is expected to drop to the level of 92.79, which houses the SMA 200. The MACD indicator is in negative territory.
H4 chart: CL is consolidating between the 200 SMA. It is very possible that CL is forming a lower high pattern and it attempts to climb back up to the level of 96.10, where there is bearish trend line resistance. If CL manages to break the support at the 94.69 level, it is expected to fall to 92.55 level, where there is a bullish trend line, to form a higher low pattern and continue to fall to lower levels. The MACD indicator is showing overbought, so we must be cautious.
H1 chart: At current levels, it is forming a Point of Control (POC). We must remember that CL made a bearish rebound in the SMA 200 and fell back to support at 94.82 level. If CL manages to break This support, it is expected to fall to the level of 94.16. On the other hand, if CL manages to break the 95.55 resistance level, it would be expected to rise to the level of 96.11. MACD indicator is in negative territory but is entering neutral territory.
Fundamental Outlook: For today’s session in the United States at 14:30 GMT Crude Oil Inventories (Previous: 0.3M / Forecast:-1.9M) will be published.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the Crude Oil breaks with a bearish candlestick, the support level is at 94.82, take profit is at 94.16, and stop loss is at 95.49. Place buy (long) orders only if the Crude Oil pair breaks with a bullish candlestick, the resistance level is at 95.55, take profit is at 96.11, and stop loss is at 94.97.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: CL made a bullish rebound in the 200-day moving average and this failed to break the resistance at the 94.46 level. It is possible that CL will rise again until the resistance level at 96.73. However, we recommend caution when doing swing trading in CL, because this has been unable to define a strong trend in the long term. If CL manages to break the resistance level at 96.73, it would be expected to rise to the level of 98.61. Furthermore, if CL breaks the support level of 94.46, it is expected to drop to the level of 92.79, which houses the SMA 200. The MACD indicator is in negative territory.
H4 chart: CL is consolidating between the 200 SMA. It is very possible that CL is forming a lower high pattern and it attempts to climb back up to the level of 96.10, where there is bearish trend line resistance. If CL manages to break the support at the 94.69 level, it is expected to fall to 92.55 level, where there is a bullish trend line, to form a higher low pattern and continue to fall to lower levels. The MACD indicator is showing overbought, so we must be cautious.
H1 chart: At current levels, it is forming a Point of Control (POC). We must remember that CL made a bearish rebound in the SMA 200 and fell back to support at 94.82 level. If CL manages to break This support, it is expected to fall to the level of 94.16. On the other hand, if CL manages to break the 95.55 resistance level, it would be expected to rise to the level of 96.11. MACD indicator is in negative territory but is entering neutral territory.
Fundamental Outlook: For today’s session in the United States at 14:30 GMT Crude Oil Inventories (Previous: 0.3M / Forecast:-1.9M) will be published.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the Crude Oil breaks with a bearish candlestick, the support level is at 94.82, take profit is at 94.16, and stop loss is at 95.49. Place buy (long) orders only if the Crude Oil pair breaks with a bullish candlestick, the resistance level is at 95.55, take profit is at 96.11, and stop loss is at 94.97.
The material has been provided by InstaForex Company – www.instaforex.com
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