FX.co ★ CL/Crude Oil

It makes sense to analyze the hourly timeframe, the technical analysis of which can provide clues at least for medium-term traders. The chart shows that Oil/CL is in a downtrend. The price is below the Ichimoku cloud, indicating a bearish momentum. I believe it is possible to enter short positions. The Stochastic indicator has turned downwards. During today's trading session, oil continued its movement to the south, and the bearish group managed to establish itself below the reversal level, currently trading at a price of 88.50. The pivot point serves as a reference for intraday decline. I assume that the decline will continue from the current level towards the first support level at 75.54, and a sustained move below will lead to a new wave of oil decline, further moving south below the support line around 65.52. If the bulls return to the market, the resistance level at 100.59 will be the reference point for the current section of the chart.