FX.co ★ CL/Crude Oil

I see WTI crude oil behaving much stronger than the baseline sideways-to-down expectation, and I interpret the recent price action as the early stage of a broader bullish continuation rather than a market preparing for renewed pressure. I observe that resistance levels have already been broken and that price closed near the highs and even above what I marked as the expansion zone, which I treat as a starting platform for a larger upward leg. I note that on the four-hour chart the moving averages have opened smoothly and are pointing upward without any sharp distortion, which I read as a healthy and natural trend reversal rather than a news-driven spike. I recognize that the price pulled back after the breakout, tested the moving averages, and then continued higher, which I consider classic trend-confirmation behavior. I interpret the broken descending channel on the daily chart, within which oil traded from July to January, as a key structural buy signal. I see the rebound from 55.00–56.00 as a strong base that initiated the new ascending price channel, and I believe this channel is expanding northward with growing momentum. I expect buyers to aim first for the upper boundary of this channel near 68.00, and I believe this level may be reached faster if bullish momentum accelerates early in the week.

I observe on the H4 chart that price is trading above the Ichimoku Cloud, and I interpret this as oil being firmly in the buy zone with bullish confirmation from the recent engulfing pattern at 64.07. I see the CCI turning upward and I treat this as additional confirmation that buying pressure is dominant and that shorting against this structure is risky. I expect price to move toward 66.42 and I consider that a temporary rejection from this level could trigger a pullback toward 62.21 without breaking the overall bullish structure. I view 62.21 as a critical pivot where a rebound would renew buying pressure and open the way for a breakout above 66.42 toward 68.00 and beyond. I believe that only a sustained break below 61.14 and the lower Ichimoku boundary would invalidate this bullish outlook and risk a deeper fall toward 55.71. I also consider the presence of put options at 80 and 85 as a magnetization factor that often attracts price over time, and I connect this with unfinished price gaps from the previous Iran–Israel escalation that I believe the market may revisit. I therefore project medium-term targets at 80 and 85, unless unexpected geopolitical or macro factors abruptly disrupt this developing bullish structure.