FX.co ★ CL/Crude Oil

Crude Oil Market Analysis: Let's analyze the current state of crude oil prices. Yesterday, prices reversed trend and turned downward, but were unable to sustain this decline. However, they resumed their upward trend and approached the upper limit of the channel by the evening, reaching 89.10. The upward movement stalled at this level, and a trend reversal is possible starting Monday, leading to a price decline. A target could be the lower limit of the channel, near 82.38. Technical analysis suggests that crude oil has not broken out of the 91.93 level or the descending channel, suggesting further declines if the current situation persists. Furthermore, the slowdown in the Chinese economy is clear, and further support is needed to support economic growth, especially given that countries like the United States have increased production and OPEC has decided not to cut production. The rally that began at 84.38 suggests further upside potential in this uptrend. A strategic buying opportunity could arise if prices break above 91.35. After a consolidation near 87.68, the upward movement could resume, followed by another decline and then another uptrend. The uptrend is likely to continue to the 89.23 level.

After the correction, further gains could push the pair above 89.18. While a sharp decline from current levels is unlikely, subsequent buying could target 91.38. This week, the pair has shown strong gains despite an initial pullback. While uncertainty remains, I expect prices to rise toward a high of 92.38. The 89.52 level represents a strong point of growth, leading to 90.20. Ultimately, this would align with the key growth target of 90.81, as indicated by the weekly gain. All of this points to short-term movements that support expected volatility. The uptrend remains dominant, while the downtrend is merely a corrective move.