FX.co ★ CL/Crude Oil

Crude Oil Weekly Chart Analysis: We will be talking about the examination of changes in the price of crude oil. It is now difficult to work because of the frequent pauses. But it doesn't halt the deterioration. We will probably keep falling before the market closes since I don't see any indications of a pause or reversal. Unpredictable things might happen this weekend. If anything goes wrong between Iran and Israel, I wouldn't be shocked if prices went up on Monday. But this is just conjecture. As of right now, the price is still dropping; thus, it is best to avoid making any purchases, as they might cause losses. Right now, it's advisable to avoid the market. In the current US session, Texas oil prices are declining and getting closer to the primary support level of 101.43. Seeing whether the bears can overcome this support is critical. We created a resistance line on the daily and weekly charts after the recovery of shale oil prices from the resistance of 114.66, with the 101.43 support holding solid. The bears now validate the bearish triangle that is formed on the D1 time frame. We will soon see if the bulls will try another upward rise with a shortened sixth wave (usually the sixth wave is shorter) or whether the fifth bearish wave is moving inside this pattern and breaking through. There is an 86% chance of seeing shale oil at 93.84 in the near future. Before moving into the 37th figure region, we may stay in the 93.84–101.43 range, where there is also a historical sideways trend. The present bearish triangle on the daily chart would be the cause of it.