FX.co ★ CL/Crude Oil

Crude Oil 1-Hour Analysis: Let's examine the recent changes in the price of crude oil. Wave has previously examined the WTI crude oil hourly chart; let's now examine the daily chart. Friday's closing price increased to $103.43, but from a technical standpoint, all indications lead to further reductions in oil prices, which had previously shown a notable negative trend around $103.43. This is due to the fact that a fresh downturn inside this declining channel was initiated when oil prices earlier recovered close to the $109.09 resistance level. A retest of this resistance level will cause more drops, and the downtrend goal is a drop to $99.79. This goal is in line with the falling channel's trendline. Key target prices are $105.39 and $107.09 in the event of a breakthrough. Naturally, instead of the expected increase, a reversal at $104.39 may result in another downward trend. Due to a recent effort to sell crude oil that resulted in large losses as the price shot up from around $98.59 to $109.09, I am presently abstaining from trading crude oil. I've lost a big chunk of my short position. According to the seasonal chart, a downward trend usually starts in November. As a result, I think this is a medium-term chance to sell crude oil. Three rising waves and two falling waves form a powerful downward channel on the hourly chart. Oil prices dropped from $103.89 to $103.39 on Friday, finishing at $103.43 after rebounding off the resistance level. A third downward wave may be approaching, according to a number of indications, with a potential drop to $101.39 and eventually to $100.39 (the most recent domestic low). We kept a careful eye on the price levels of 103.99 and 103.89 since a drop below 103.99 would result in further selling pressure. Right now, 103.09 and the psychological support level of 102.89 are our main priorities. A drop to the 101.89–100.69 range might result from a decrease below these levels.