Daily chart: The CL found strong resistance at the 96.73 level, a very strong level in this chart. As we have seen in previous situations, it is very possible that the CL will fall back to support at 94.46 level; however, this could be the formation of a lower high pattern, so that the CL can break this resistance. For now, our bullish outlook still stands for Crude Oil in this chart, while it remains above the 200 day moving average. The MACD indicator is in neutral territory.
H4 chart: In this chart we see that the Crude Oil is falling deeply after meeting strong resistance at the 97.69 level. Now, the CL is trying to break the bearish trend line near the 96.20 level. If the CL manages to break this trend line, it's expected to drop to the 200 day moving average near the 95.35 level. For now, we must be careful with the CL, because the MACD indicator is in extreme overbought and is entering negative territory, which could strengthen the current bearish trend in the CL.
H1 chart: The CL has dropped to support at the 96.11 level, where it is located exactly 200 day moving average. This level is very important for the CL, because the CL could change the trend or continue. For now, it is very possible that the CL will conduct a bullish rebound in the SMA 200 because the MACD indicator is showing a lot of weakness in the bearish intraday trend is extremely oversold, so the CL could retrieve the bullish trend for this week, although we should be cautious.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the Crude Oil pair breaks with a bullish candlestick, the resistance level is at 96.97, take profit is at 97.61, and stop loss is at 96.36.
