FX.co ★ Konnect2fx | CL/Crude Oil

Crude oil trading remains highly unstable, and the latest movement in #CL clearly shows how quickly sentiment can change. At the beginning of the session, oil attempted to recover after filling the opening gap, and buyers managed to push the price toward the 109.21 area. However, the market is still facing strong resistance near 109.38 and especially around 110.90–110.93, which continues to limit bullish momentum on the H4 timeframe. If #CL successfully breaks and consolidates above 109.38, buyers may regain control and push prices toward 110.90, followed by 112.50 and 113.00. In a stronger bullish scenario, oil could even revisit the higher resistance zones near 117.52 and 119.57. The recent rebound from 107.03 also suggests that buyers are still active at lower levels, especially after political headlines created uncertainty around Iran and Middle East tensions. Statements from Donald Trump added more volatility to the market, first calming fears and then suddenly increasing geopolitical concerns again. Because of this, traders remain extremely cautious, as any new political update can rapidly change direction in #CL prices. Technical indicators also show that oil is currently trapped between strong resistance and emotional news-driven trading, making short-term forecasting difficult.

In CL sellers are still holding important pressure zones, and the bearish scenario has not disappeared. If oil fails to stay above 107.03 and breaks lower with confirmation on the M15 and H1 timeframes, the decline could accelerate toward 105.97 and later into the 104.35–102.70 support zone. A deeper bearish breakout could drag #CL back below 100.00 and expose targets at 97.70, 95.60, and even 92.00. Some traders are also watching the Fibonacci correction levels closely, especially 96.00 and 87.00, which may become long-term bearish targets if global tensions ease further. The rollover into the new July contract also created unusual price gaps and increased volatility, while falling open interest in oil futures suggests that many traders are reducing positions instead of building new ones. This often creates unstable price action with sudden spikes in both directions. The earlier bullish structure remains technically alive above the 89.85 invalidation level, but confidence has weakened after the recent gap movement and failed breakout attempts. For now, #CL remains heavily dependent on political news, market sentiment, and whether buyers can maintain strength above key support zones. Until the market forms a clearer direction, traders should expect aggressive swings and remain patient before entering larger positions.