Daily chart: The Crude Oil is consolidating above the resistance at the 96.73 level. If the CL price manages to close above this resistance level, the CL can rise to the resistance level at 98.61. However, if the CL makes a bearish rebound at the current levels, it would be expected to fall to support at the 94.46 level. Recall that the CL is above the 200-day moving average and the MACD indicator is in a neutral territory.
H4 chart: In this chart, we can see that the CL has many very strong resistance levels, which could slow the possible gains that could have the CL, for today’s session. Anyway, if the CL manages to break the resistance at the level of 97.13, it is expected to rise to the level of resistance at 97.69. We should note that the CL is forming a lower high pattern, above the 200-day moving average. The MACD indicator is in a positive territory.
H1 chart: The CL continues to consolidate into a bullish trend in the short term, after having made a bullish rebound on the 200-day moving average. Near this SMA 200 has formed a Point of Control (POC), which is making strong support in the Crude Oil. For now, the CL continues forming a lower high pattern and is unlikely to make significant changes to today’s session. However, it is quite possible that the resistance CL rises to the level of 97.61. The MACD indicator is in a neutral territory.
Trading recommendations for today: For today’s session, I would not recommend doing intraday trading in the Crude Oil, because it has no interesting patterns to make good trading.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The Crude Oil is consolidating above the resistance at the 96.73 level. If the CL price manages to close above this resistance level, the CL can rise to the resistance level at 98.61. However, if the CL makes a bearish rebound at the current levels, it would be expected to fall to support at the 94.46 level. Recall that the CL is above the 200-day moving average and the MACD indicator is in a neutral territory.
H4 chart: In this chart, we can see that the CL has many very strong resistance levels, which could slow the possible gains that could have the CL, for today’s session. Anyway, if the CL manages to break the resistance at the level of 97.13, it is expected to rise to the level of resistance at 97.69. We should note that the CL is forming a lower high pattern, above the 200-day moving average. The MACD indicator is in a positive territory.
H1 chart: The CL continues to consolidate into a bullish trend in the short term, after having made a bullish rebound on the 200-day moving average. Near this SMA 200 has formed a Point of Control (POC), which is making strong support in the Crude Oil. For now, the CL continues forming a lower high pattern and is unlikely to make significant changes to today’s session. However, it is quite possible that the resistance CL rises to the level of 97.61. The MACD indicator is in a neutral territory.
Trading recommendations for today: For today’s session, I would not recommend doing intraday trading in the Crude Oil, because it has no interesting patterns to make good trading.
The material has been provided by InstaForex Company – www.instaforex.com
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