FX.co ★ bradtke.owen | CL/Crude Oil

The price has tightly pressed against the resistance at 83.22 after a confident recovery from the local support at 81.89, where buyers showed enviable resilience and did not allow the bears to develop their success. The current consolidation at the upper boundary of the range is accompanied by moderate volumes, which indicates a gradual buildup of strength before a decisive breakout. Green candles dominate in the last phase of the move and close in the upper part of their bodies, demonstrating a growing appetite for risk and the bulls’ readiness to storm new highs. A powerful upward impulse from 74.57 set the global direction of the market, which is being maintained despite the recent corrective pullback. The cascading rise through the key levels of 77.79 and 81.89 previously confirmed the serious intentions of major players to return the price to historical highs. The emerging pattern resembles a classic bullish flag or a base for trend continuation after a successful defense of important levels. Sellers are clearly exhausted and cannot organize a counterattack even as the price approaches resistance zones. The most likely scenario is a continuation of growth from the current prices around 82.34. The target level for long positions is located at the absolute maximum of the chart