FX.co ★ CL/Crude Oil

Crude Oil 30-Minutes Analysis: We concentrate on the current examination of the behavior of the price of crude oil. Based on current projections, the market is reacting predictably to the expected publication of the US oil reserves data today, leading to a strong strengthening of the US dollar. This study may be improved by adding the total intraday trend from a shorter time period. As the US session gets underway, the direction of the market will become clearer. The 49% retracement level of last week's first increase is being tested by the price. Both optimistic and bearish players in the CL instrument have possibilities in this scenario, which might affect the market until the end of the week. But things seem to be going better for the bears right now. The CL pair may trend into a selling position around the 103.53 level during the course of an hour. A stop will be at 104.61 if the market dynamics change and a reversal takes place. We will aim to shut another chunk of the profit at 101.39 after partly closing the trade at 102.46 if the present trend continues. Lastly, we want to close at 100.32 to safeguard any leftover profits. To guard against losses, trailing stop orders are changed after each profit capture. Oil started to decrease again after Asian trade at the 75th number. The bearish barrier has been crossed by sellers, who are keeping pressure below the resistance level of 103.98. A further decline into the negative zone of 102.63–102.26 is where a corrective move can take place if sellers keep the price below this level. Alternatively, buyers may be able to target the next resistance level at 104.88 if a 30-minute candle closes above 103.98.