Daily chart: CL begins a decisive week for the development of the general trend, because currently CL is forming a lower high pattern, above the support at 103.85 level. If CL manages to break the resistance level of 106.70, it is expected to rise to the level of 109.93. Furthermore, there is a possibility that CL conducts a bearish rebound on that resistance level and then falls again to the support level at 103.85. If CL manages to break this support, it is expected to fall to the level of 100.33. We must be careful with CL, because there is the possibility of a change in trend (fractal up). The MACD indicator is in extreme overbought and in positive territory.
H4 chart: CL is trying to consolidate above the bullish trend line near the 106.00 level. If CL manages to break the support level of 104.41, it is expected to drop to the level of 102.01. On the other hand, if CL manages to break the resistance level at 107.39, it would be expected to rise to the level of 108.50. CL is maintained above the 200-day moving average and the MACD indicator is in negative territory, although you may enter neutral territory in the next few hours of the today's session.
H1 chart: Near the support at 105.50 level, a Point of Control (POC) was formed. CL may consolidate the above POC and this resistance rises to the level of 106.84. If CL manages to break this resistance, it is expected to rise to the level of 107.80. Furthermore, if CL manages to break the support level of 105.50, it is expected to drop to the level of 104.71. Recall that CL is maintained above the 200-day moving average, which support a bullish outlook in the short term and the MACD indicator is in neutral territory, so we recommend caution.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if CRUDE OIL breaks with a bullish candlestick, the resistance level is at 106.84, take profit is at 107.80, and stop loss is at 106.00. Place sell (short) orders only if CRUDE OIL breaks with a bearish candlestick, the support level is at 105.50, take profit is at 104.71, and stop loss is at 106.28.
