Daily chart: CL continues to develop its bearish trend in this chart. It is very likely that CL breaks the support level at 103.85 and if it succeeds, it would be expected to fall to the level of 103.85. For now, while CL is maintained above this support and below the resistance at 106.70 level, it is advisable to place orders, because it is an area of great volatility. On the other hand, CL may conduct a bullish rebound at current levels, although this is not very likely, due to the higher low pattern that this is currently training. The MACD indicator remains in negative territory and showing a lot of strength in the current bearish trend.
H4 chart: Crude Oil is trying to break the support level at 104.09, having found strong resistance at 105.61 level. If CL manages to break this support, it is expected to fall to the level of 102.01. On the other hand, if CL manages to break the resistance level at 105.61, which would be expected to rise to the level of 107.44. For now, CL is approaching the 200-day moving average. The MACD indicator is in neutral territory, so we must be careful, because there are strong indecision on this pair.
H1 chart: CL is forming a Point of Control (POC) at current levels. If CL manages to break the support level at 104.00, it is expected to drop to the level of 102.88. On the other hand, we see it is very difficult for CL to break the resistance at 104.71 level because at that level there is an area of high volatility, so this pair could perform very irregular movements, so we must be cautious. The MACD indicator is in extreme overbought and entering negative territory, so it is very possible that this pair begins to strengthen its bearish trend.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if CRUDE OIL breaks a bearish candlestick; the support level is at 104.00, take profit is at 102.88, and stop loss is at 105.11.
