FX.co ★ CL/Crude Oil

Forecast of Crude Oil Daily time frame chart outlook: As can be seen from the daily time frame chart, bullish activity was halted last Friday when the price of Crude Oil made a bearish Doji candle. This was because buyers were unable to push the price higher to continue the bullish movement beyond the resistance level of 83.84. The price plummeted yesterday, and the robust bearish candle that the Crude Oil created indicates that bears are in command, even though the price is still above the 50 EMA line. There is a greater likelihood that the price of Crude Oil will cross the 50 EMA line to the downside and change its direction because the RSI indicator's value of 46 is below the midpoint. I have previously illustrated the crucial support levels for traders' assistance in the diagram attached.

Weekly time frame chart outlook: Although the price of Crude Oil has been decreasing over the past few weeks on the weekly time frame chart, I anticipated that the price adjustment would only be tested by the moving average lines. Even Crude Oil produced a bullish pin bar candle in the final week after its meetup with the 26 EMA line, but now that the price is declining, the situation is different. On this time frame chart, the likelihood of a trend change will rise if the price of Crude Oil breaks below the previous week's lower level. However, if the lower point is not broken, the price of Crude Oil will continue to rise and will eventually reach the resistance level of 95.00.