FX.co ★ bradtke.owen | CL/Crude Oil

#CL

Oil prices are ending the trading week with a decline. Moving averages indicate a bearish trend. Prices are once again testing the area of signal lines, suggesting pressure from oil sellers and a potential continuation of the decline from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 68.45. Then, a bounce downwards should be considered, leading to a further decline in oil prices to below the level of 58.45 dollars per barrel. A strong rise and a breakthrough of the level of 72.55 will cancel the scenario of falling oil prices during the trading week. This would indicate a breakthrough of the resistance area and a continuation of the oil price increase to above the level of 78.65. Confirmation of the decline should be expected with a breakthrough of the support area and closing prices below the level of 62.85. Oil is expected to attempt to test the resistance area near the level of 68.45. From there, a bounce is expected, followed by an attempt to continue the decline in oil with a potential target at the level of 58.45. A strong price increase and a breakthrough of the area of 72.55 will cancel the scenario of falling prices. This would indicate a breakthrough of the resistance area and a continuation of the oil price rise with a target above the level of 78.65.