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Daily chart: The crude oil made a bearish rebound below resistance at the 96.73 level and fell back to the level of 94.46. This price range is very volatile for crude oil, so it is not possible to determine the trend in the long term for the CL. For now, the CL is maintained above the 200 day moving average, so the main outlook would be bullish. If the crude oil manages to break the 94.46 level, it could to fall to support at the 92.79 level, which is the 200 day moving average. Furthermore, there is a possibility that the CL make a bullish rebound at the level of 94.46 and try to rise again to the resistance level 96.73. The MACD indicator remains in positive territory, but is approaching to the neutral territory.
H4 chart: The CL made a bullish rebound in the 200 day moving average, so the bullish outlook for the CL remains intact. Now, crude oil is trying to consolidate above support at 94.69 level. If the CL continues to rise, it is expected to rise to the level of 96.25. On the other hand, if the CL forms a higher low pattern and consolidates below the 200 day moving average, it's expected to fall to the level of 92.21. The MACD indicator remains in negative territory, without approaching to oversold levels yet.
H1 chart: As in the H4 chart, the CL is trying to make a bullish rebound in the 200 day moving average. If the CL manages to break the resistance at the 95.55 level, it is expected to rise to the level of 96.11, but we must be careful with the Point of Control (POC) that is formed near the 95.75 level, because this POC can generate a strong resistance for the CL. On the other hand, if the CL does a break at the 94.82 level, it can to drop to the level of 94.16. The MACD indicator remains in the positive territory, but is approaching to the neutral territory.
Fundamental Outlook: For today's session at 14:30 GMT Crude Oil Inventories (Previous:-6.3M / Forecast:-1.4M) will be published in the U.S.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders above the support level of 94.82, take profit is at 95.55 and stop loss is at 94.11.