FX.co ★ Cookiess | CL/Crude Oil

Crude Oil Market Analysis: The analysis of crude oil price trends is a topic worth discussing. US labor market data released yesterday negatively impacted the US dollar, suggesting a potential decline in the crude oil market. The slowdown in the labor market reflects a decrease in US economic activity, which could lead to a decline in gasoline consumption in the world's largest market. As a result, crude oil prices continued their downward trend, falling below the exponential moving average on the price chart and approaching the important support level of 94.67. There are no signs of a trend reversal on the daily chart, and the decline is expected to continue until Monday as sellers attempt to break through the 94.67 level. If successful, the decline could extend to the local low of 88.63.

Conversely, if the price fails to fall below 94.67, an upward wave could form, targeting the resistance level of 99.41 before another downward attempt to break through the 94.67 level. The price continued its decline toward the lower boundary of the triangle pattern on the daily chart. The price fell below the lower boundary of the support level of 95.73 to 94.83, but failed to establish itself below that level. The price rebounded from 94.83 and closed the weekend at 95.96. Next week, the price may rise and aim for the upper limit of the triangle. However, the price may continue its downtrend and test the important support level of 94.31. If large traders control this decline, the price could break through 94.31 and trigger buyer stop-loss orders. Traders could then push the price back into the triangle area on the daily chart.