Daily chart: CL broke the resistance at the 106.79 level, having formed a lower high pattern below this level. The next target for CL could be the resistance level of 109.93. However, we must bear in mind that it is still very far from that level to the current price of CL, so we should wait for the formation of bullish patterns. However, there is the possibility that CL falls again to the level of support 106.70. The MACD indicator is in extreme overbought in positive territory and showing a lot of weakness in the current bullish trend.
H4 chart: CL broke the resistance level at 107.44 and now this is forming a pattern lower high above that level. In the medium term, it is likely that CL achieves consolidate above the 110.50 level, however, we must bear in mind that CL should be patterns in favor of the trend, to make appropriate orders. If CL manages to break that support level at 107.44, it is expected to drop to the level of 104.41. The MACD indicator is in positive territory.
H1 chart: CL is consolidating above resistance at 107.82 level. If CL manages to break the resistance level of 108.25, it is expected to rise to the level of 109.50. However, there is the possibility that CL breaks the support at the level of 107.82 and drop to the next level of 106.84. For now, CL is maintained above the 200-day moving average and the MACD indicator is in extreme overbought and entering negative 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 108.25, take profit is at 108.71, and stop loss is at 107.82.
