FX.co ★ bradtke.owen | CL/Crude Oil

Hello traders. #CL / Oil / OILUSD. Good day. Oil continues to consolidate above the support zone, so I am leaning towards a scenario of further upside movement. However, on the hourly chart, indicators currently do not show anything specific and are pointing in different directions. A sideways movement has started here, with all the implications for the technical picture such as signal direction changes without activation, not to mention follow-through. The Bollinger Band channel also suggests a sideways movement. Therefore, for now, I am just observing from the sidelines. On the four-hour chart, indicators still point to the upside, with one of the lagging indicators only discharging but not shifting to the lower zone. Thus, in the short term, I expect the uptrend to continue, with the next target being 109.00-110.00. However, I will only consider opening long positions with more comprehensive confirmation from the technical analysis. The ongoing uncertainty in the Middle East also favors the bulls.