FX.co ★ bradtke.owen | CL/Crude Oil

Hello traders, #CL

Oil prices continue to move within the framework of an upward and downward channel development. Moving averages indicate a short-term bearish trend for oil. Prices are once again testing the area between the signal lines, indicating pressure from "Black Gold" sellers and a potential continuation of the asset's price decline from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the area of $62.25 per barrel. Next, a price bounce downwards and a continuation of the oil price decline towards levels below $57.15. A strong rise and a breakthrough of the $65.35 per barrel level will invalidate the scenario of oil price decline. This will indicate a breakthrough of the resistance area and a continuation of the price increase towards levels above $72.05. Confirmation of the decline in oil prices will be a breakthrough of the support area and a close below the $59.55 level. Oil is expected to attempt to test the resistance level near the area of $62.25, followed by a continuation of the oil decline aiming for levels below $57.15. A strong rise and a breakthrough of the $65.35 level will invalidate the oil price decline scenario, indicating a continuation of the price increase towards levels above $72.05.