FX.co ★ CL/Crude Oil

Analysis and Forecast for Trading Instrument #CL After a good growth last week, today the Oil trading instrument has slightly declined and managed to settle below the round level of 100. In principle, this doesn't mean much, and if bad news comes from the Middle East, we will not only return above 100, but may even reach 120. However, for now, we can conclude that the situation with Iran has somewhat stabilized. While last week the focus was mainly on a ground operation, this week there is a prevailing sentiment that the US will step back from the conflict, although this may not solve the issue with the Strait of Hormuz. Speaking of trading options, the global trend remains upward, so if there is a strong desire to work with the trading instrument #CL during turbulent times, it is preferable to trade on the long side. Currently, the round level of 100 could serve as a signal level if we see a breakout above it. However, some correction towards 90 is also possible, but I believe it's better to skip selling.