FX.co ★ Konnect2fx | CL/Crude Oil

Crude oil remains one of the most sensitive instruments in the market because geopolitical tensions continue to drive strong price reactions. Recent comments regarding possible renewed strikes on Iran have once again increased uncertainty among traders, and this immediately pushed buyers back into the market. I noticed that oil prices attempted another rally toward the important 110 resistance zone, which has already acted as a major barrier several times during the past months. However, despite strong bullish momentum, buyers still cannot confidently secure positions above this area on the daily chart. Even previous spikes toward 120 dollars per barrel failed to create stable continuation. This tells me that sellers are still actively defending higher prices. Technically, the market remains trapped inside a broad sideways structure between the 90 and 110 levels. I think this range is becoming increasingly important because every upward impulse loses momentum near resistance, while every decline attracts fresh buying near support. On the four-hour chart, traders should carefully watch whether candles can close above 110. If the market again fails to hold above that level, bearish pressure may quickly return. In that situation, short positions could become attractive again, especially if price falls back below 109–108. I believe the first downside target would be around 102, followed by the stronger support area near 99.45. If bearish momentum accelerates further, the market could even revisit the 91 zone, which has repeatedly acted as a key long-term support area. {"data-align":"none","data-size":"large","data-tempid":"temp_5197336_1779063372182_762"} I still see reasons why buyers remain optimistic in the medium term. Oil continues trading inside a contracted triangle formation, and the upper resistance around 105.60 is currently under heavy pressure. I noticed that this level has rejected bullish attempts several times, making it an important technical point for both sides of the market. The MACD indicator is currently showing weakening upward momentum and giving a sell signal, which supports the possibility of another downward correction toward 102.00, 98.50, and possibly 94.30. I think confirmation for this bearish scenario would come from reversal candlestick formations such as a bearish engulfing pattern or a pin bar near current resistance. A breakdown below 103 would further strengthen seller control. However, oil is not moving purely on technical analysis right now. News headlines, political negotiations, and global economic tensions continue to dominate market sentiment. I observed that traders expected positive developments from meetings between the US and Chinese leadership, but the lack of constructive progress kept uncertainty elevated. Because of this, many investors still prefer holding long positions in energy markets. On the weekly timeframe, the structure still gives buyers some confidence, especially after recent bullish closes. Personally, I think if geopolitical tensions remain active and no major diplomatic breakthrough appears, oil could continue pushing higher from Monday and attempt another move toward 106 and possibly above it. Still, unless buyers finally secure a strong breakout above 110, the broader sideways trend will remain intact.