FX.co ★ CL/Crude Oil

Analysis and forecast for trading instrument #CL The week for the Oil trading instrument started with prices rising due to Israel and Iran firing at each other. But today we can see that the situation was tried to be calmed down by Trump, who for the hundred and fifty-fifth time stated that he is about to make a peaceful deal with Iran. To my surprise, the market bought into this, and we can see that the price started to go down and by now confidently settled below the round level of 90. Based on the current picture, the price for the trading instrument #CL may continue to decline and drop to around the level of 80. In principle, I had such plans for the weekend until the fundamentals intervened in the situation. So, if opening short positions around the resistance level of 90 on a pullback, it is important to keep in mind that Oil is currently quite unstable and reacts very strongly to any news from the Middle East. Nevertheless, we can see that the world is gradually adapting to the situation, so even on bad news, more effort is needed to push the price towards 100.