FX.co ★ CL/Crude Oil

WTI Crude Oil I am not trading oil yet, since there is no such possibility on the new trading account ( ), but I periodically continue to analyze the technical picture for black gold, namely WTI crude oil. From the current level of 85.70 you can safely jump into buys, and the target for buyers will be growth to the upper boundary of the flat pattern “Side wedge”, the intersection with which will be approximately at the level of 91.50 or at the level of 92.00. Much will depend on what news awaits us in the coming days regarding the situation in the Middle East, as well as on economic data from the USA. Let me remind you that positive data from the USA usually leads to a strengthening of oil quotes, while negative data leads to the exact opposite reaction. Daily chart:

Next, let’s look at the four-hour chart. On it we also see a side wedge forming, within which oil is trading at the level of 85.72, and now a growth wave is forming, which began earlier after a bounce from the support line from the level of 74.00. Moreover, within the side channel, the second growth wave is now forming, which will be completed at the resistance line, the intersection with which will be approximately at the level of 92.00. As we can see, the target levels on the daily and on the four-hour chart are similar, and therefore from the current levels you can safely jump into buys. H4 chart: