FX.co ★ CRUDE OIL: Daily analysis for June 24, 2013

Daily chart: Last week, Crude Oil found strong resistance near 98.61 level and fell back to the 200-day moving average near 93.60 level and support at the 92.79 level. The levels are very clear in CL, if Crude Oil manages to break the support at the 92.79 level, it is expected to fall to the level of 90.31. On the other hand, if Crude Oil achieves in break the resistance level of 94.46, it is expected to rise to the level of 96.73. The MACD indicator is entering negative territory, so a bearish outlook for this week in Crude Oil, it would be very possible.

H4 chart: In this chart, CL is below the 200-day moving average and is forming a higher low pattern. It is posibe CL continues to fall toward the bullish trend line near the 92.60 level. However, we must bear in mind that today's session can be very slow in Crude Oil, because there is little fundamental news that has considerable impact on CL. The MACD indicator is in negative territory but is showing extreme oversold, so it would be quite possible that CL can climb to the resistance at the 94.69 level.

H1 chart: CL is forming a higher low pattern over the support at the level of 93.28. If CL manages to break this support, it is expected to fall to the level of 92.42. On the other hand, if CL finds strong support in this level, it would be expected to rise again until the resistance level 94.16. In this chart, CL is below the 200-day moving average, so a bearish outlook in CL is still alive. Also, we must bear in mind that at current levels, it is forming a Point of Control (POC), making Crude Oil resistance. The MACD indicator is in positive territory.

Fundamental outlook: For today's session, we do not expect fundamental news having significant impact on Crude Oil.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if Crude Oil breaks with a bearish candlestick, the resistance level is at 93.28, take profit is at 92.42, and stop loss is at 94.09.