FX.co ★ CL/Crude Oil

Analysis and forecast for trading instrument #CL based on technical analysis After some growth at the beginning of the week, today on Thursday we see that the Oil trading instrument is slightly correcting. Overall, this is nothing unusual, as the market has already calmed down, and at the bottom, the price meets a good support level at 92.50, so we can easily walk down further. Although it is also worth noting the level of 94.70, which was Monday's high, as we may need to trade on a breakout to not miss this move. Overall, the #CL trading instrument managed to break a good descending channel this week, so the prospect of prices reaching the round level of 100 is quite high. However, considering that today the price is behaving quite calmly, it may require some fundamental component for this. On the other hand, an alternative scenario should not be ruled out either, because at the beginning of the week the price was trading below 90, the situation was developing, and it seemed that Oil could drop to 80. Nevertheless, I still think so, just a little later, now a breakout of the 92.50 level will be a potential reversal signal.