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Thread: CL/Crude Oil

     
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    2022-01-22   15:48
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    D1 time frame

    As many have noticed, the gap that has formed on the chart will be covered anyway, even if the price drops sharply. But for me, this is another indication that the growth will continue to 92.30, from where I will try to re-enter sales with the first target - 81.30, but then how it goes. Since I do not rule out a fall to the levels of 77, 63 and even 57 dollars per barrel.
    Now about the gap and the price drop below the previous highs (85.40). So far, this does not say anything in favor of the bears, since the feed has clearly rebounded from the trend one, and this maneuver should be considered as a correction after the growth.
    Attachment 456385

    H1 time frame

    We are also approaching a fork in terms of oil. If now we go into a large correction, then there is a high probability of a collapse. This is technically if you look. So far, fundamentally, everything is stable and does not cause concern. Im thinking of taking sales, but I dont like the possibility of a rally at 100-110. You can take a small lot, but still the risks are high. Maybe even this growth will cause a crisis, because fuel and inflation will grow strongly because of this. Another black swan is China. If they miss the omicron, the demand for oil will plummet. So we follow the levels at 80.35 and 77.36. The closer to 90, the stronger the drain can occur, and this is due to the highs. Many are waiting for this moment.
    Attachment 456386

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    2022-01-18   04:57
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    Crude oil pair technical analysis about daily time frame chart outlook and H4 time frame chart outlook analysis
    Crude oil pair H4 time frame chart outlook analysis

    The bearish trend is still dominated by crude oil, which continued the downward trend at the close on Friday. From the pattern point of view, the price has the ability to continue to decline, with a target moving average of 50. The daily time frame is 83.50. The long-term RSI is at 81.60 in the middle of the daily time frame. A crossing and approaching the 50 level on the daily RSI suggests that the downtrend is likely to continue. On the daily time frame model, the price can be seen moving to the intermediate RSI indicator and being bearish and moving down from last Fridays low, and heres why. Indicate where the uptrend will continue in the future. Kim Bollinger is trying to reach the moving average of 10 on the daily time frame.
    Attachment 454313
    Crude oil pair daily time frame chart outlook analysis
    The pair appears to be still trying to continue to the downside this week and managed to break above the demand area of 79.12. The downtrend that started earlier this month could continue to the downside, which could lead to the 62.30 supply area. Entry sales opportunities should wait until the price reaches the 84.30 level. If the 84.30 supply area is successfully entered, there could be more signs of an uptrend, which could lead to a lower target. But you need to watch out for an influx of sellers that could push crude prices higher.
    Attachment 454314

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    2022-01-22   16:28
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    Crude oil technical analysis about H4 time frame chart outlook analysis
    Buyers showed up right away and pushed the price to a very high level, and if I had added about 500 pips that day, I would have thought the range would have been wider. It rose to 82.80 on Thursday and finally fell again. On Friday, the trend was sideways, and crude oil was only hovering around 88.15-85.55. Yesterdays trend was unclear, crude oil weakened to 84.80 in Asian session. Subsequently, the bulls reappeared during the European session, pushing the price above the 85.20 area, and the price weakened again entering the European session before falling to the previous point around 83.80.
    Attachment 456400
    Crude oil technical analysis about daily time frame chart outlook analysis
    The crude oil pair is in a downtrend, which means that the crude oil pair will continue to fluctuate in the face of a long-term bearish price action. That being said, this could start with a quick reversal candlestick pattern around the 1-day time frame as an upward correction is likely next week. So, I'll try to take advantage of next week's bullish timing and focus on buying short-term opportunities for myself. As for where to buy the perfect entry, as I think support on the daily time frame at 82.82 is the perfect aid for us trying to find buying opportunities in the oil pair.
    Attachment 456401
    However, I see upside accuracy in the short-term next week, and I'll try to use this time to find shopping opportunities. Also, on the one-day time frame of the oil currency pair. There is already a fast-moving reversal candlestick pattern that could lead the oil pair higher next week. So next week I will try to look for buying opportunities in the oil pair, which is only short term, to take advantage of a potential upside.

    The attachment
    2022-01-18   07:54
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    Crude oil price forecast by Fadilah

    • Monthly and Weekly Technical Outlook:

    At the moment, crude oil is approaching the high of the previous year at the level of 85.50, which means the possibility of a temporary decline in prices, while the medium-term technical view suggests the continuation of the bullish trend if we get a monthly close above the level of 85.50 because this will confirm the failure of the monthly engulfing pattern, which will open the door towards long-term targets starting from the monthly resistance level of 105.33.
    On the other hand, if the price fails to close above the resistance level of 85.50, this may mean having a double top pattern on the weekly frame, which requires closing below the support level of 62.13, and this, in turn, will cause a long term decline in oil prices, but this bearish scenario is a bit unlikely to happen due to the strength of the bullish momentum, which is supported by a positive crossover on the MACD indicator in the weekly frame.
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    • Recommendation:

    In the medium and short term, we may have to wait for a negative reaction at the resistance level of 85.50, which may mean a temporary correction in the prices, but the bullish view is preferred here, and this is by looking for buying opportunities above the resistance level of 85.50.
    Side note:

    We have to take another thing into consideration, which is that the price is still trading within an expanding diagonal pattern on the daily chart. Therefore, there may be a sharp price drop when the price reaches the upper boundary of the pattern.
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    2022-01-18   13:41
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    Crude Oil
    Greetings, forum friends and respected visitors and readers! Welcome to my latest update in the crude oil section. How are you doing, guys? Hopefully, everyone is doing a fantastic job and making handsome earnings by trading crude oil. Let us begin with yesterday's movement of crude oil in the forex market. Yesterday, the natural oil market traded higher as it peaked at 84.87 from 83.44. Today in the Asian trading session, the price of crude oil smashed the peak of 85.45 since October 2021 and touched as high as 85.70.
    Attachment 454587
    On the D-1 chart of the crude oil market, the price is hovering around 85.28 after smashing the peak of 85.45. The MACD indicator favors the buyers, but the relative strength index on the D-1 chart indicates that the market is oversold, and it can show the downswing if bearish traction manages to pass through the lower of the previous trend reversal candle. Passing through the 83.56 level would act as a catalyst and push the market towards the support zone of 81.42. The value of oil spiked due to the geopolitical situation in the Middle East. From a bullish view, the market would find the primary resistance level at 87.20 if it moved through 85.45.
    Attachment 454589
    Technical Outlook on the H-4 Chart
    The crude oil price fluctuates between the upper limit and the baseline of the Bollinger bands at 85.28. On the H-4 candle market, the rickshaw man made a Doji candle before the proceeding candle on the four-hour chart. If the proceeding candle breaks the lower level of 84.90, then a further decline in the price of crude oil is possible. Also, the value of RSI-14 is lying in the oversold region at 74, technically indicating selling. Based on candlesticks analysis for bearish traction, direct horizontal support is at 84.06 before 82.68. If the market smashed the primary support zone, it would find a second support zone at 82.68. For a bullish scenario, the market can test the upper limit of Bollinger bands at 85.90, followed by 86.77. The smashing-through of 85.90 would drive the market towards its second bullish target of 86.77.
    H-4 Crude Oil Chart
    Attachment 454592

    The attachment
    2022-01-17   23:17
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    Crude Oil Fundamental Outlook

    At the beginning of the Asian market on Monday, U.S. oil was now at $83.88 per barrel last week. oil prices rose for the fourth week in a row, setting a record for the longest winning streak since October 2021. There are signs that supply and demand are tightening as global consumption weathers the Omicron outbreak. In addition, fears of a Russian attack on neighbouring Ukraine also boosted oil prices. Oil prices rose as OPEC executives emphasized capacity constraints and increased demand from a cold wave. However, the extent of oil price gains may be limited, with the impact of the mutated virus, downgrades in global economic growth, and signs of a recovery in U.S. shale oil limiting the upside for oil prices. Several banks are forecasting oil prices to hit $100 a barrel this year.
    https://forum.mt5.com/customavatars/567617292.jpg
    Crude Oil Technical Outlook

    The physical market also supported crude oil futures prices, with supply-changing premiums at healthy levels. Although there are still many risks, this has not weakened the long-term bullish expectations of crude oil physical traders. Currently, crude oil spot prices are rising globally in a strong trend.
    The 4-hour chart shows that crude oil prices are rising further, but we have noticed that the trading volume has not increased further, which may be one of the signs of the weak short-term rise in oil prices. From the perspective of the trend, crude oil faces resistance near the previous high, and once it falls back here, it may fall below $81.70. The following can focus on the support of the $80.0-78.61 area. Above, you can focus on resistance near the $85.00-$86.00 area.
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    Fundamental Analysis H4 Time chart

    Technically, let we take a look at the WTI crude oil pair's H4 timeframe chart. Prices on the chart regularly form an extreme down trend pattern and continue the downtrend supported by the trend line. It is currently trading at 81.23 , below the previous high of 81.90.

    There may be a correction if the positive momentum continues, but this is due to the declining trend in other time frames. This will allow the price to maintain momentum as it moves towards a higher breakout and key resistance level of 82.10. The price has formed several bearish candlestick patterns near the resistance level of around 81.56 to 81.90, including a bullish winding pattern and a bullish candlestick pattern, indicating a rapid recovery with the expected target of 82.10 after 82.50.

    Further signals in favor of the seller can be confirmed by re-checking the previous support channel at 79.30 for a possible increase in positive up trend dynamics. If you cancel the correction at the 79.30 support level and fix it below, the scenario may be in your favor. The bearish momentum target signal will be reduced to the initial support level of 80.05. The moving average of EMA-100 is 81.18 and that of SMA-200 is 81.40, which is above than the price and supports sellers. We assume that the selling sentiment in terms of price will be maintained due to price stability below the moving average during the daily trading session. When the price exceeds the moving average, it indicates a bullish trend in the pair.

    The RSI is hovering around the 40 in the neutral levels, indicating an selling downtrend pressure on the WTI oil. The MACD indicator above the horizontal signal line 0 favors the buyer as trying to crossover the bearish side.

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    WTI CRUDE OIL TECHNICAL OUTLOOK

    Hi friends, I have chosen the WTI crude oil to analyse the further market movement. For exploring, I have used an h4 timeframe chart. After bouncing at 79.30 and failing to pass the Ichimoku cloud, WTI crude futures fell again below the 200-period simple moving average (SMA) at 81.10. The converged SMA maintains a more horizontal price trajectory and supports the expansion of the two-week trading range.

    The Ichimoku line is not supporting any explicit price action, and the short-term oscillator shows hostile forces strengthening. The MACD is above the red trigger line in the minus area but is looking down again. The RSI is working hard to recover and has dropped below 50 again. The Bearish Stochastic Oscillator is putting more and more negative pressure on the pair.

    The 79.30 dips could be problematic as the seller remains in control and dips below the 80.40 Tenkan-sen red line. It is not yet clear whether the low of 79.20 will prevent the pair from falling. Next to this barrier is the crucial support base for the bull structure between 78.20 and 78.90. If the price drops below this base, it could attack the 77.20 borders to the 74.90-75.50 limit.

    If the buying rate rises, an initial bullish limit could come from the Tenkan-sen red line and the 200-period SMA 81.05, followed by a complex resistance that could form the 82.30 line between the 50 SMA 81.45 and the 100-period SMA. ... the period of the moving average is the SMA. Breaking this area of ​​the bubble cloud will strengthen the upward momentum and allow buyers to stay at 83.30 before challenging the upper seven-year high resistance of 84.70-85.40. If consumer confidence improves, they could target the October 2014 high of 86.20. Overall, WTI crude futures appear to be trading between the upper limit of 84.60-85.40 and the lower limit of 78.20-78.90. You want to reduce the likelihood that negative pressure will subside.

    WTI CRUDE OIL H4 TIMEFRAME CHART

    Name: #CLH4.png Views: 82 Size: 73.4 KB

    INDICATORS
    SIMPLE MOVING AVERAGE 20
    SIMPLE MOVING AVERAGE 50
    SIMPLE MOVING AVERAGE 100
    SIMPLE MOVING AVERAGE 200
    ICHIMOKU KINKO HYO (9, 26, 52)
    MACD (12, 26, 9)
    STOCH (5, 3, 3)
    RSI (14)

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    Crude Oil technical analysis


    Crude oil rebounded yesterday and closed flat. The Asian and European markets were operating weakly, and the US market continued its inertia during the first session and continued to drop to a low of 79.20. In the late trading session, it rebounded and closed at a high level. Crude oil opened today to test 81.178 US dollars under pressure, and then oil prices fluctuated and fell back, and the low point continued to fall to 79.629 US dollars; US oil rebounded first last week, although it unexpectedly stood above 83, it fell under pressure again at the 83.6 line and finally fell. Back to below 80, the overall trend is still volatile and empty. At present, U.S. oil's adjustment needs mainly come from the need for technical adjustments. If the fundamentals do not show new positives in the short term, U.S. oil will still be unable to maintain its current high status, and the adjustment probability will still be high.
    After the 4-hour level of oil prices broke, the high point of the anti-dumping is at 82.3, which is also the daily 20th long and short watershed. Any anti-dumping will see a fall as long as it does not break through this position. The upper short-term suppression is near 81.6, here is the high suppression of the early anti-drawing. todays opening trend appeared to open higher and lower and reached 81.2 to continue the retracement. Short oil prices are expected to continue. Consider the high-altitude low-multiple strategy in operation. Focus on the resistance of USD 81.2-82.0 at the top and the support of USD 78.9-78.2 at the bottom.

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    Analysis for CRUDE OIL asset:

    First view:
    According to the indicator of MACD divergence, it is noticeable that the majority are buying CRUDE OIL assets, so a bullish hike against the crowd is quite likely. We trade only in the ascending channel, and so, in principle, you can buy. The near target of 883.50 has already been worked out, as well as for today I take 80.50 and 81.35. If the bulls trample above the pivot level 82.30, then act as possible targets, then 82.00 and 83.00. I expect the CRUDE OIL asset to continue to rise to test the lower level of 83.00, of course, I will hardly be able to break below immediately and after a slight pullback I will wait for the retest of the level, and the breakdown of 82.00 will open the way for the CRUDE OIL asset to rise to the level of 82.65.

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    Second view:
    On the CRUDE OIL asset H4 chart, the current condition of the market is down to the low Fibonacci limit, where the price seems to still have the opportunity to rise again when the CRUDE OIL asset price is able to reject the low Fibonacci level. This time I will try the opportunity to buy with a maximum limit of S1 Fibonacci 83.20. The try-buy area is at the low Fibonacci 82.50. I will try to take a buy option CRUDE OIL asset and target the CRUDE OIL asset price to rise again to the maximum limit of the high Fibonacci at 82.30. I estimate that there is still potential for an increase to the high Fibonacci area because at this time it seems the price of S1 Fibonacci rejects. For the trading scenario on CRUDE OIL asset, buy with SL, which is at the S1 Fibonacci limit of 81.96.

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    Crude Oil Analysis



    Greetings, forum friends, and beloved visitors! My warmest welcome to my latest analysis in the crude oil section. How are you guys? Hopefully, everyone is fantastic and making a great trade in the natural oil market. May this simple oil analysis post find you in the best of health. Let us start our analysis with the previous day's movement of crude oil in the forex market. The natural oil market traded lower yesterday after the announcement of oil stocks by the Energy Information Administration. The stockpile of crude oil inventories rose by 2.101 million, against a consensus of 1.398 million.




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    In addition, the dollar index reached a 16-month high of 96.21, and interest rates rose, dampening crude oil demand. The increase in WTI oil stocks reported by the EIA suppressed the natural oil market, which is why the WTI crude oil took a dip and touched as low as 77.35. Today the market traded at 77.80 after touching the bottom at 77.08. I expect the market will show a retracement towards the 80.00 regions. If the market moves below 76.46, then further declines in the price of crude can be possible towards the 74.00 zones.



    Technical Outlook On H-4 Chart



    The crude oil market is downtrend as it has traded below the 50-period simple moving average on the H-4 chart. The RSI-14 is sitting at 33. On the H-4 chart, the market got a rejection from the support zone of 77.00. I expect the market will move bullishly and test the 50-period simple moving average at 81.40. The trade above 81.40 switched the market into bullish momentum. From the candlestick analysis, direct support is at 77.03, followed by a second support zone of 75.44. Smashing through the 77.03 area pushed the market towards 75.44. In the bullish scenario, immediate resistance is at 80.20 before 81.40. A breakthrough of 80.20 would pave the way towards 81.40.




    Crude Oil H-4 Chart



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    Oil Price Technical Analysis.


    Good evening, Crude oil traders. This is a good time to share an analysis on the #CL price. Last night was a very bad night for oil as it lost a lot of money. Sellers of the price have a handsome profit.


    • Daily Frame:

    The hourly and H-4 market supports have been crushed by the selling pressure of the oil price. I have mapped out optimum market support and resistance a few days ago and shared them here. I hope you followed that and traded pairs well. Today I focus on the daily chart that the price is getting help from the support of daily Ichimoku cloud and Simple Moving Average of 100 days while stochastic is showing oversold condition.

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    • Entry & Exit

    A bullish candle runs to form in the h4-chart, which has a lower shadow, indicating that Crude oil will quickly shift in the bullish region. I also see the thick line at 78.84, which was tested by the price and failed. That means below the 78.84 buying decision will be wrong. I think that the price will be able to break the thick line and stall above.


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    The crude oil price in the hourly chart has formed a bullish engulfing but stochastic showing overbought condition, and MA-20 is trying to push the price downside. So if the price can break the MA-20 and stochastic comes up above the 80 values, we can open a buy for 78.84, stop-loss must be located below 77.00.

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    Last edited by amiron56; 18-11-2021 at 01:04 PM. Reason: formatting
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    Live Discussion: <xau/usd> <US Crude Oil><Bitcoin>Silver

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    WTI Crude Oil Daily TIME CHART ANALYSIS

    WTI crude oil has been slipped down from the current 7-year high level of 82.58 and currently dipping beneath around the 50-SMA level of 78.58, which is nearby the Ichimoku cloud indicator cloud. However, under the bearish sentiment, the SMA-200 and 100 are still be endorsing the positive bias valid for the intraday trading scenario. However, the Ichimoku could indicator presenting a modest loss by the buying sentiment-driven the uptrend continuation, while according to the short term oscillator, which suggests a negative bias on ahead by the prevalence of sellers, which is an indication that the sellers are trying to getting pace against the buyers. Although the MACD indicators progressive bars are foot holding beneath the 0 signal line and have reached the 0 thresholds, which has also been covered by the red trigger line trying to turnover the momentum. Therefore, the RSI has now kicked back from the oversold region and moved towards the neutral level of 50 mark, aiming to move towards the buying territory, indicating a short-term buying sentiment still be valid.

    If the current price momentum keeps strengthening, then the price trajectory will extend the bearish leg towards the nearby support level at 76.80; extending furthermore towards 75.50 can increase the possibilities of bearish bias. If the price failed to defend the initial support zone, then the bears' sentiment stream to push the price lower towards the 100-day SMA at 74.25, and then 73.75 would be the necessary foothold by the sellers. The support of 73.75 breakouts will be stretching the trend underneath the five-month low of 69.44 at the 200-SMA.

    On the flip side, if the buyers succeed in extending the buying pressure towards 78.25 and keep strengthening above the 50 SMA would open a subsequent potential growth towards 81.35. While the overstepping above 81.35 would challenge the high level of the two-month resistance level of 84.10 territories. The surpassing 84.10 buyers would then push to hit the 86.40 barricade obstacle level.

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    Summarizing the WTI oil analysis, in the short-term bias, the WTI oil futures have been still under a bullish bias above the SMA-100 at 74.37. For negative confirmation, the price needs to break out the solid level of support 74.37, Which would confirm the trend reversal into bearish side till that on the daily time frame price considered to be a positive side.
    🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
    ❤️Please, support this idea with a like and comment!❤️

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    crude oil technical analysis

    Today I have chosen crude oil for technical analysis, and Crude oil is moving in a downtrend channel. This channel is helping to bring the price down. Downtrend channel price is responding heavily, and The price has gone up after touching the lower part 76.35 of the channel. Crude oil price can now reach the support level of 76.35 after touching the upper part 80.55 of the channel.

    H4 time frame
    Name: #CLH4.png Views: 62 Size: 39.9 KB

    On the H4 timeframe, we have a bearish bias as the price stays above the CCI cloud, and the graphical horizontal resistance is consistent with the retracement level of 81.50, meaning the price will drop from our initial resistance level. The first support level of our 76.35 line is the extension and -I extension in line with the chart overlap support. The second support level could be 77.56, of which extension and sideways swing Low support. Or, the price could break the first resistance level and move towards the second resistance level at 82.25, which is the high resistance level of the sideways swing. On the h4 time frame, as the price stays above Ichimoku, we can see the price climb up to the first resistance level of 84.64, parallel to the and I extensions, and may even rise to the second resistance level. 96.10 starts at the initial support level of 79.3, which is consistent with the retracement line, in line with the projection level. Or the price may break the first support level and drop to the second support at 74.65, where the retracement level. If you look at the Indicator used in this chart CCI indicator is near-zero level. The 50 days simple moving average is at the top of the channel. All these indicators indicate that the price will come down to the support level after touching the upper part of the channel.

    Indicator List :

    CCI Period: 30 value
    50-day: simple moving average. 150-day simple moving average


    points of consideration:

    resistance leval:82.25
    sports level: 76.35

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

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    H1 chart technical analysis:


    Well, here, for the time being, it is like a tank to the north, turpentine movements. The buyers zone has shown itself. If we break through the maxim, then I think then the expectation of the south. Like a pullback of bears. Here, in principle, you can try to rollback, and somehow save the account, most of it. The trick is that you need a very accurate entry, but, that is, there is a risk of missing here too, then the account will be. Now, at the top of the wave, the buyers volume has emerged. According to the idea, it is a good cell signal. But it can also be the buyers zone, so to speak. We squeezed under the local maximum in order to make a breakthrough for a breakout.

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    D1 chart technical analysis:


    The 76.66. mark was won back by the market and buyers took their toll. The price returned to the previous state of the trend and exited above the long-term moving average price line. There is a continuation of development to the north, so I would not go into sales at all. Whatever the temptation to catch the maximum prices and profitably sell oil, I think the growth is still not over and there is a potential to reach the level of the upper border of the channel at around 79.93. D1 chart. Ascending equidistant channel with confirmed boundaries. The MACD was not rebuilt to the south, and on the contrary, the moving averages confirm the northern trend.

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    Default A Forecast of West Texas Intermediate Crude Oil

    A Forecast of West Texas Intermediate Crude Oil:

    Hello, everyone!
    Greetings to traders. I hope you are all fine today since it is the last day of the week, and we have seen massive volatility in the Forex market. However, if you are looking for a forecast of West Texas Intermediate Crude Oil, then you are in the right place. The price of crude oil has been hovering towards the bearish region since the beginning of the week, and the momentum of the price of crude oil is entirely in the bearish trend. As of this writing, the price of crude oil is trading around the $76.50 price mark.

    Headline: If the price of crude oil falls below $75, it will fall below the psychological level of $70.00.

    A Forecast of West Texas Intermediate Crude Oil:

    In the 4-hour time frame, the price of crude oil was entirely in a bearish trend, and the MACD technical indicator formed some strong bearish divergences in the 4-hour chart. On the other hand, the 100-Day and 50-Day Simple Moving Averages indicate the price of crude oil moving towards the bullish region. Earlier, the price of crude oil reached a 16-month high price above the $85.00 price mark. A further break of the major resistance line at $85.25 will create a new target above the $90.00 price mark.

    Name: #CLH4A Forecast of West Texas Intermediate Crude Oil.png Views: 179 Size: 53.5 KB Name: #CLH4.png Views: 144 Size: 58.9 KB

    If we look at the chart of crude oil in the 4-hour chart, the price of crude oil has formed a solid solo directional trend towards the bearish region. At the beginning of the week, the price of crude oil was more stable above the $80 price mark, and from the middle of the week, the price of crude oil changed its trading region towards the bearish region.


    Fundamentally, there was a negative stock report that was published by the EIA last Wednesday. The negative stock reports on crude oil should push the price of crude oil towards the bullish region. But the further massive infection of COVID-19 has changed the whole trading of crude oil, and now the price of crude oil is aiming to trade below the $70 price mark again.

    Name: #CLDailyMACD.png Views: 142 Size: 47.3 KB Name: #CLDaily.png Views: 138 Size: 53.0 KB

    From the technical perspective, the price of crude oil is entirely in the bearish trend on the daily chart. The MACD technical indicator has formed a bearish divergence on the daily chart, which indicates a further bearish breakdown of crude oil. On the 4-hour chart, the 50-Day Simple Moving Average indicates the price of crude oil above the $78 price mark, and the 100-Day Simple Moving Average indicates the price of crude oil below the $74.50 price mark. The formation of the new divergence in the MACD technical indicator has reconfirmed the further bearish breakdown of crude oil. So, overall, I am looking forward to a potential selling opportunity in crude oil, and the price of crude oil should be trading below the $70.00 price mark soon.

    Thanks for staying with me. If you have any questions regarding the above trading opportunity, please don't hesitate to ask me questions through the comment box. Have an excellent trading session.

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