Daily chart: The CL is forming a lower high pattern, above the support at 103.85 level. In earlier days, the CL managed to touch the resistance in the 106.70 level, but this failed to break it. If the CL manages to break the support level of 103.85, it is expected to drop to the level of 100.33. On the other hand, if the CL manages to break the resistance level at 106.70, it will be expected to rise to the level of 109.93. For now, it is better and advisable to wait for the CL to break any of these levels, in order to make a correct trading decision, because the bullish trend is too widespread. The MACD indicator is in extreme overbought in positive territory and showing weakness in the current trend bullish, so we should be cautious at the end of this week.
H4 chart: In an unexpected move, the CL found strong resistance at 107.39 level and I say "unexpected" because having broken that barrier that was formed in bullish trend line near the 104.70 level, the CL could have uploaded much or have managed to consolidate above this bullish trend line. For now, if the CL does follow the bearish road, it's expected to fall to the level of 102.01. On the other hand, if the CL manages to break the resistance level at 107.39, it will be expected to rise to the level of 109.10. The MACD indicator is in negative territory.
H1 chart: On this chart, two Point Of Controls (POC) have been formed. There is a POC near the resistance level of 105.50 and another POC near the support level of 102.88. Within these POC, the CL could perform very irregular movements, so I recommend making trades only if the CL manages to break the resistance at the 105.50 level, then it's expected to rise to the level of 106.84. Furthermore, if the CL manages to break the support level of 104.00, it is expected to drop to the level of 102.88, where the POC is. The MACD indicator is extremely oversold and entering neutral territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the CRUDE OIL breaks with a bullish candlestick, the resistance level is at 105.50, take profit is at 106.84, and stop loss is at 104.15.
