FX.co ★ bradtke.owen | CL/Crude Oil

#CL / Oil / OILUSD. Hello. Oil went south yesterday, although I was expecting the bulls to show more initiative and lead the pair in their direction. At the same time, today the pair reached a local support zone, built based on recent lows, and depending on the breakout or rebound, we will see the further sentiment. I am leaning more towards a rebound and growth scenario, with a rough target of 105.00-106.00, but it's probably not worth opening long positions based on this assumption, it's better to wait for more complete confirmation from the technical aspect. On the hourly chart, indicators still favor further movement to the south, but one of the basement indicators has stopped supporting the bearish sentiment, hinting at a reversal. However, it's better to wait for direct signals. On the four-hour chart, indicators are currently trying to draw a full-fledged sell signal, but it's still too early to talk about it, and the Bollinger Band narrowing doesn't really confirm further development of the bearish sentiment. But it doesn't rule it out either. At the same time, here too, one of the basement indicators no longer supports the bearish sentiment, so there is a possibility of heading north.