FX.co ★ CL/Crude Oil

Crude Oil Trend Evaluation The analysis of the price behavior of Crude Oil is up for discussion. The quote broke the ascending trend yesterday, then retested the broken level, did not go above the allowed $73.20, and went down again, which suggests the continuation of the downward trend. The intraday low was marked by 72.32, which will confirm the strength of the sellers. After all, speculators sometimes don’t even have to try, and all the fundamental data is in their favor. For pattern, the largest buyer of oil, China, celebrates the New Year from January 29 to February 12. This means that the absence of such a buyer on the oil market for two whole weeks cannot but affect prices. Crude oil reserves in the US have grown more than expected, and the Fed left the rate at the same level of 4.5%. As if that’s all the data for a further price drop. Just right for Trump, up to the level of $66.00 per barrel, of course, is a bold assumption, but it may well still reach 71.08.

A possible suspension of the development of the south will be shown by going above $74.07, but for now, the bears are putting pressure. On Monday, February 3, the OPEC+ meeting. It was planned and agreed not to increase production volumes until April. Let's see if they can't withstand the pressure of Trump's policies; then we'll fall in a big way. We catch signals from the intraday short. Oil will either fall sharply. Or slowly slide along the cloud border right into the gap in the clouds. The futures on light Texas oil made the third approach to the edge of the price gap. And this is enough to close the gap. But the basement indicator AC has already changed the color of the bars from bearish to bullish. I perceive this as an opportunity for another small correction to gain breakout energy.