FX.co ★ CL/Crude Oil

We’ve got another significant bearish candle on the #CL oil chart. This is already the third bearish candle in a row, and over these past three weeks the price has dropped from 95.00 down to 70.00. It failed to consolidate below 70 dollars, since there is a major demand zone in this area and buyers managed to keep the price from falling further. Over the weekend the conflict in the Middle East escalated. Let’s see how the market reacts to this event tomorrow. If the rise resumes, I expect a significant correction of the recent decline toward the 78.00 level. Around the 80.00 mark it may be worth looking at short setups.