FX.co ★ CL/Crude Oil

Analysis and Forecast for the Trading Instrument #CL Based on Technical Analysis Hello traders, Today on Friday after Christmas, the Oil trading instrument started a pullback to the South. Overall, it went quite well, managing to drop by more than 100 points, although I was expecting the markets to take a break today. However, this is not a problem, as the price had been preferably rising before, so I still see this decrease only as an opportunity to open long positions. As for the support, the level around 57.50 can be roughly highlighted, although entry points can already be sought on smaller timeframes, as the pullback is deep and entering without confirmation can be risky. Therefore, as an option, if the trading instrument #CL manages to break the level of 58.20, buying positions can be opened. Regarding the targets, I have already mentioned the level of 59, but starting from 58.20 might be a bit shallow, so positions can be held until 59.50, although if entry below that level is possible, even 59 will be suitable. However, the bearish scenario should not be disregarded; it will be relevant if Oil does not slow down and goes below 57.50.