Daily chart: Crude Oil continues to rise above the support at the 96.73 level and gradually is approaching the resistance at 100.33 level. For today's session, it is likely that Crude Oill will make consolidation movements, trying to form a lower high pattern, to continue climbing up to that resistance level. However, if Crude Oil reacts negatively to fundamental news in today's session, it is expected to fall to support at the 96.73 level. CL is maintained above the 200-day moving average and the MACD indicator remains in positive territory.
H4 chart: The trend of CL in this chart is not very clear, because CL has slowed its rise in the 98.50 psychological level and there has formed a strong resistance. If CL manages to break this barrier, it is expected to go up to the bullish trend line at 100.48 level, something that could be given in the next week. However, we recommend placing buy orders only when CL forms a lower high pattern. CL is maintained above the 200-day moving average, so our bullish outlook is still alive. The MACD indicator is in neutral territory, showing much indecision among investors with respect to Crude Oil.
H1 chart: In this chart, a Point of Control (POC) near the support at the 98.16 level was formed, reinforcing our bullish outlook for CL. The levels are very clear on this chart for a good intraday trading very conservative. If CL manages to break the resistance at 98.60 level, it would be expected to rise to the resistance level at 99.14. On the other hand, if CL breaks the support at 98.16 level, it would be expected to drop to the level of 97.61. The MACD indicator remains in positive territory, but is showing some weakness in the bullish trend in the short term, so we must be cautious, but CL is maintained above the 200-day moving average.
Fundamental Outlook: For today's session in the United States at 14:30 GMT Crude Oil Inventories (Previous: 2.5M) will be published.
Trading recommendations for today: Place buy (long) orders only if Crude Oil breaks with a bullish candlestick, the resistance level is at 98.60, take profit is at 99.14, and stop loss is at 98.08. Place sell (short) orders only if Crude Oil breaks with a bearish candlestick, the support level is at 98.16, take profit is at 97.61, and stop loss is at 98.73.