Crude Oil #CL, technical analysis. The main focus will be on resistance and support levels, volumes, and basement indicators. Let's look at the chart:
Today, crude oil slightly renewed its lows. To analyze the situation, let's switch to the H4 timeframe. As seen on the chart, the price of oil reached the level of 76.00, which had already held the price in May and is now trading at 76.07. The RSI is moving in the buying zone and looking upwards, while the AO is showing a sell signal. The price of oil is below the trading range of the previous day. All this indicates that in the near future, we may see an increase to the support level of 79.20, after which we may move downwards and update the lows to the support level of 72.50. Based on the analysis, cautious buying is recommended with a target of 79.00. And remember, the market can be subject to sudden changes, so carefully assess your risks.
