FX.co ★ bradtke.owen | CL/Crude Oil

#CL / Oil / OILUSD. Good afternoon. Oil closed the past week with a bullish candle, but that was due to the move up at the beginning of the period. On the lower timeframes, on the hourly chart, the indicators formed a new buy signal by the close, but here it has not been activated, and the Bollinger Bands are hinting at a scenario with movement within its bands. The pair is now at the upper band, so at the beginning of next week we may well see a move to the lower band, roughly 80.50–81.00 in the short term. On the 4-hour chart the indicators are not showing anything specific, they are pointing in different directions, and the pair has climbed into the bearish zone of the Bollinger Bands. At the same time, by the close the pair approached a test of the middle band from below, but was not able to break through it immediately. In any case, it is worth waiting for the result of the test, and then, depending on a breakout or a rebound, it will become clear whether this is a consolidation with all the ensuing consequences in the form of a move south, or a return to the northern trend. The scenarios are equally likely; I will not guess, I will wait for the result of the test.