FX.co ★ bradtke.owen | CL/Crude Oil

Hello traders, today I want to analyze the movement of Oil/CL on the daily chart, as I believe the picture here is more objective. The futures are in a downtrend and trading below the Ichimoku cloud, indicating a bearish impulse. The Stochastic indicator is in the oversold zone. During the last trading week, oil continued its downward movement, with players managing to hold below the pivot level. Bears have continued the decline and are currently trading at a price of 80.95. The classic Pivot levels serve as intraday reference points for the downside. I anticipate that the decline will continue from current levels, and a breakthrough below the support level of 54.98 will lead to a new wave of oil decline and further movement south below the support line around 52.95. However, if buyers return to the market, their reference point at the current chart segment will be the resistance level at 59.55.