FX.co ★ bradtke.owen | CL/Crude Oil

Hello everyone! Chart of CL. After filling the price gap on oil, the market turned around and temporarily headed south, resulting in a doji candle with a slight bearish bias. During today's Asian session, prices rallied with a strong bullish impulse and reached the last resistance level at 84.60, according to my analysis. If the price breaks above this resistance level, I expect further upside. In this case, I plan to hold resistance levels at 87.70 or 89.90. There are two possible scenarios near these resistance levels: The first scenario is a breakthrough above these resistance levels and further growth. Around these resistance levels, we expect the formation of a trading setup that will help determine the trading direction. Of course, we understand that during the price movement towards the northern target, a pullback from the south may occur, but we intend to use this pullback to look for bullish signals from the last support levels in the hope that the uptrend will continue within the global ascending trend. Another possible price action scenario could be a candlestick reversal and a continuation of the downward movement from the correction phase when passing the resistance levels at 87.60 and 89.90. If this scenario holds, I would expect the price to return to the support level at 84.60. Around this support level, I would continue to look for bullish signals and expect a resumption of the upward price movement. Of course, there is a possibility to remove the more distant southern target (located at 80.20 or 81.10 according to my analysis), but this needs to be assessed based on the situation, and even if the stated plan materializes, I would continue to look for bullish signals around these support levels, expecting a resumption of the upward price movement. In short, locally today, I assume that the price is trying to consolidate above the last resistance levels, and if it succeeds, I will move my target further north.