FX.co ★ CL/Crude Oil

Crude Oil Price Forecast: Let's consider crude oil price analysis. CL futures prices are fluctuating within a narrow range between 106.44 and 121.44. This pattern, confirmed on the daily chart, indicates sideways movement and could be a promising strategy for medium- to long-term trading. However, this approach carries certain risks, but it should be effective if you strictly adhere to a trading plan. Based on theoretical analysis, we assume that prices will eventually continue their uptrend and may reach the resistance level at 121.44. On the H1 chart, the situation for this CL stock differs significantly from the daily forecast. Each trader must choose their own strategy, but for now, I would refrain from trading. CL will likely continue its downtrend after the daily balance reversal, but the reversal may already be nearing its end. The current CL balance is 113.54, with resistance on the H1 chart at 115.94. Initial data suggests a bearish signal. If the price fails to break through the daily balance of 113.54 during a bullish correction, I expect it to fall to 109.61 and possibly 104.69.

However, if the price breaks above 113.54 during the correction, we could see a more significant correction toward the resistance at 115.94 on the H1 chart. A reversal near this resistance could invalidate the target level of 109.61, at least temporarily. Since I typically trade the H1 chart and shorter time frames, more intensive analysis is needed here. Recent upward momentum in CL futures is at a key resistance level of 116.44, with a cap near 116.64. Within this range, a trading range from 108.87 to 114.94 is likely. The main resistance level for this period remains between 114.94 and 115.04. The support level at 112.44 is under pressure, and a breakout appears imminent.