FX.co ★ CL/Crude Oil

Crude Oil 4-Hour Analysis: Right now, the price of crude oil is 75.80. The monthly top conversion level at 76.95 shows a breakout trend, indicating that buyer pressure will continue to increase and reach 79.30. The immediate resistance at 84.70 will be maintained by the additional crossover of the fan fiction level above. The excess conditioning zone around 89.10 will be broken if the dollar index keeps rising above 103.50 during the first session. The initial support is located at the attractive seller price of 69.50, which is in the center of the Bollinger Bands trend line. If the dominating sellers cut the price below the 100-day SMA line after this support is broken, 63.15 is below the 50% Fibonacci retracement level. Since the MACD is currently trading in a more hopeful area, it is expected to continue its upward trend and hit 82.32. After returning to the neutral base 38.8% retracement rally, our short-term oscillators—the Bollinger Bands and the pullback—might be in a position to produce a bullish wave that targets 92.75%. If the RSI rises over 70 within the signal line's upper resistance line, the price chart's uptrend may continue to reach 85.00. Following that, the price will drop between 73.40 and 50 during the overnight session due to the bounce, and during the weekend, there will be more correction below the 100-day SMA, 66.25. In order to maintain trading above the daily and weekly pivot point barrier at 79.79, the last closing candles on the 4-hour time frame will quickly form a harmonic wedge pattern and respond to buyers. After finishing the rise, the asset is creating a new consolidation range of roughly 76.95. If the price later breaks this level, the market can start to advance toward 78.80 during the American session. Technically, this view is supported by the MACD and RSI indicators, both of which have a bullish foundation and might challenge the bulls at 84.79 right away. The recent increase in the dollar index will attract buyers, and external conditioning may raise the next potential barrier at 88.80. Additionally, if seller pressure drives the market well below the 20- and 40-day simple moving averages at 72.40, wait for further consolidation breakout support around 64.10 before taking a gamble below the 54.30 expected range for the next week. Traders have to deal with money management strategies in addition to tracking the long-term trend and earning points from the WTI market.