Daily chart
Crude Oil fell to a low at 92.50 during Thursday's session but did not find enough support at this level. The price retreated again to the upside to finally close above 93.75. The previous day's losses had come amid government data showing U.S. increased crude supplies for the eighth straight week, but still market movements did not reflect these data because in our opinion the price of CL fell back to bullish above ground line 2/8 (red line) which becomes important reverse line and it is likely the price close above this level during the last week’s day.
4-hour chart
The 4-hour chart shows a similar picture. Having created a line of support at 92.50 after a few hours of falling during yesterday's session, the price was above the line of 2/8 and is currently limited for its line of short-term downtrend. Today is the last day of the week. There are chances that the movements will slow and eventually continue on with close above 93.75.
1-hour chart
Finally on the 1-hour chart we can see the Crude Oil at the apex of a triangle formed by the intersection of the two trend lines, but is trading above the centerline of its band of gravitation. So it is most likely to end up violating the trend line in the following hours left in the day to look for the orange top line centered near 94.70.
Meanwhile, the risk is that benefit is not for us today, which does not suggest any input.
If you have any questions or suggestions, please contact me right through:
Email:antonio.inga@analytics.instaforex.com
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