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Daily chart: The CL failed to consolidate above resistance at 106.70 level and has formed a fractal. Now, the CL is falling and it is very likely that this fall extends to the support at 103.85 level. If the CL manages to break that level, it is expected to fall to the level of 100.33 and CL could start a strong bearish trend. On the other hand, if the CL manages to break and consolidate above resistance at 106.70 level would be expected to rise to the level of 109.93. The MACD indicator remains in negative territory and still no signs of extreme oversold in the CL.
H4 chart: The CL is forming a higher low pattern, below the resistance level of 105.61. Very close to the current price, there is a bullish trend line that could make strong support in the CL, but if the CL manages to break that trend line, is expected to fall to the level of 104.09. On the other hand, if the CL again manages to break the resistance level of 105.61, it is expected to rise to the level of 107.44. The CL is maintained above the 200 day moving average and the MACD indicator is still in negative territory, which could support the bearish outlook for the CL.
H1 chart: At current levels it is forming a Point of Control (POC) and very close to the POC, is located 200 day moving average. The CL is forming a higher low pattern and this is very crucial for the development of the intraday trend in the CL. If the CL manages to break the support at the 104.71 level, is expected to fall to 104.00 level and is very likely to strengthen its bearish trend, in the CL. On the other hand, if the CL does make a bullish rebound in this POC and managed to break the resistance at the 106.02 level, it’s expected to rise to the level of 106.84 and if it manages to break that level, we would expect a strong start bullish trend. The MACD indicator is in neutral 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 105.20.
Source: www.instaforex.com
