FX.co ★ FX-Perfact | CL/Crude Oil

#CL Timeframe H4: Based on the #CL chart on the H4 timeframe, the current price movement indicates improving conditions after previously experiencing quite strong bearish pressure. The latest price is around 79.02, after recovering from the 75.00–76.00 area. While this rebound indicates buyers are regaining control in the short term, the overall structure still suggests that #CL is in a transition phase. This is particularly evident in the price's position relative to the 100- and 200-day moving averages (MAs), as well as the presence of key resistance levels around 79.70 to 82.36. Therefore, the price's future direction will be largely determined by the price's ability to break through resistance and maintain established support levels. Looking at the movement since mid-June, #CL has previously experienced quite dominant selling pressure. The price moved down from the 80.00s and gradually formed lower highs and lower lows until reaching around 67.08 in early July. This decline indicates that sellers had strong control in the early stages of the chart. However, after reaching the 67.08 area, selling pressure began to subside, and the price slowly formed a bottom. From there, a series of higher lows and higher highs emerged, ultimately bringing the price back to the 80.00 area and even experiencing a very strong surge to 93.58 in late July. The rise to the 93.58 area was a very aggressive bullish phase, but the price then experienced rejection and a sharp correction. After failing to hold the 90.65 area, #CL fell past 86.84 and then re-entered the 82.36 area. This correction continued until the price reached around 75.00–76.00 in early August. Interestingly, a rebound emerged from this area, and the price is now back around 79.02. This structure indicates that the market is attempting to establish a new bottom after experiencing a sharp correction from the 93.58 peak.

From the perspective of the 100-day moving average (MA), shown by the blue line, the line is currently around 79.00–79.50 and appears to be flattening after a previous decline. The current price position so close to the 100-day moving average indicates that #CL is testing a moving average, which is quite important for determining medium-term momentum. If the price manages to break through the 100-day moving average (MA) and maintain its position above it, this will be a positive signal as buyers are starting to reclaim the dynamic resistance that previously held the price down. However, the 200-day moving average (MA), indicated by the red line, is higher, around 81.80–82.00. The 200-day moving average (MA) is still moving relatively sideways to slightly downward. The 200-day moving average (MA) above the price indicates that the long-term trend has not yet fully returned to bullish. In fact, the area around 82.00–82.36 is a very important zone due to the confluence between the 200-day moving average (MA) and the horizontal resistance at 82.36. If #CL can break through this area, the bullish structural change will be much more convincing. Conversely, failure to break through the 200-day moving average (MA) could lead to renewed selling pressure. The nearest resistance is currently around 79.70, which is seen as a key barrier for short-term price movement. The recent price, around 79.02, is still slightly below that level. If the H4 candlestick closes strongly above 79.70, the rebound momentum could potentially continue towards 82.36. The 79.70 area could also be an early confirmation level that the recovery from 75.00–76.00 has sufficient momentum to expand further. Resistance at 82.36 is a much more important level. Besides being a horizontal resistance level, it is also very close to the 200-day moving average (MA). Therefore, the 81.80–82.36 zone can be considered key resistance in the current recovery phase. If buyers can successfully break through this area, the #CL structure will shift to a more bullish position, opening up space towards the next resistance level around 86.84. A breakout of 82.36 would also indicate that the correction from 93.58 has likely bottomed out. Above 82.36 lies resistance at 86.84, which has previously been a key area for both upward and corrective price movements. If the #CL reaches this area, sellers are likely to respond again, as this level has a fairly clear history of price reactions. The next resistance level is at 90.65, while 93.58 is the highest resistance level on the chart and was the main peak of the previous bullish movement. For now, these two levels remain medium- to long-term targets and will only become relevant if the price manages to break through 82.36 and 86.84. In terms of support, 76.50 is a crucial level. The price previously experienced a sharp decline to the 75.00–76.00 area before buyers finally staged a rebound. The 76.50 level appears to be a horizontal boundary that could provide a foothold for the latest recovery. As long as #CL can maintain the price above 76.50, the short-term rebound structure still has the potential to develop. Even if a correction occurs from the 79.70 or 82.36 areas, a bullish reaction around 76.50 would indicate that buyers are still maintaining the foundation for the recovery. The next support level is around 72.60. This level is a crucial intermediate support level as it lies below the recent consolidation area. If the price breaks below 76.50, 72.60 will become a key area to watch. A decline towards this level would indicate that the current rebound is losing momentum. Next lies support at 67.08, which was a major low in early July. A break above 67.08 would be a very serious bearish signal as it would mean the entire recovery structure from early July has failed. Recent price action indicates that buyers are attempting to establish a higher low around 76.00–76.50. After declining from the 82.36 area towards the 75.00s, the price began to gradually rise and is again approaching the 100-day moving average (MA). As long as the price can establish a higher low above 76.50, the opportunity for an increase towards 79.70 and 82.36 remains quite open. However, it's important to note that the price hasn't fully broken through the 100- and 200-day moving averages (MAs). Therefore, confirming the breakout is crucial before assuming that #CL has re-entered a strong bullish trend. Technically, the bullish scenario will strengthen if #CL successfully breaks through 79.70 and then passes through the 81.80–82.36 zone. If this occurs, the next targets are 86.84, then 90.65, and 93.58. Conversely, if the price fails to break through 79.70 and falls back below 76.50, selling pressure could potentially increase. A breakout of 72.60 would further weaken the rebound structure and open the risk of a retest of 67.08.