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Daily chart: The CL made a bullish rebound on the support at 103.85 level. Now, the CL is trying to climb to the resistance at the 106.70 level. If the CL manages to break that level, it is expected to rise to the level of 109.93. On the other hand, we must consider the CL could fall back to support at 103.85 level and break. If this succeeds, it is expected to fall to the level of 100.33. The CL is maintained above the 200 day moving average and the MACD indicator remains in negative territory, so we must be careful with the CL.
H4 chart: The CL is trying to break a bullish trend line near the 106.00 level. Near that level, the CL is forming a lower high pattern, above the level of resistance in the 105.61. It is likely that the resistance CL rises to the level of 107.44, however, if the CL fails to make a bearish rebound at current levels would be expected to fall to the level of support 104.09, near the 200 SMA. However, the overall outlook for the CL is still bullish, because this made a bullish rebound on the 200 day moving average in the previous session. The MACD indicator remains in positive territory and still shows no signs of extreme overbought.
H1 chart: The CL is consolidating above the 200 day moving average and now is trying to break this resistance at 106.02 level. If the CL manages to break that level, it is expected to rise to the level of 106.84. Furthermore, if the support CL manages to break at the level of 105.50, it is expected to drop to the level of 104.71. For now, the CL remains strong in its current bullish trend is likely to continue to rise this this week, but the CL is approaching strong resistance levels that could slow its bullish trend. The MACD indicator is in extreme overbought and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the CRUDE OIL breaks a bullish candlestick; the resistance level is at 106.02, take profit is at 106.84, and stop loss is at 105.24.
Source: www.instaforex.com
