FX.co ★ Elif | CL/Crude Oil

Crude Oil Forecast Crude Oil on the H4 timeframe remains under bearish pressure, currently trading around 84.27 after a sharp decline from the recent swing high near 94.80. The market attempted a recovery earlier in the week, pushing toward the 91.90–92.20 resistance zone, but sellers quickly regained control and forced prices lower once again. The chart shows a clear sequence of lower highs and lower lows, which is a classic sign of a downtrend. After failing to hold above 92.00, crude oil experienced strong selling momentum that pushed the price below several short-term support levels. Recent candles indicate that buyers are trying to defend the 84.00–84.30 area, but bullish strength remains limited. Looking at the Bull Power (13) indicator, the reading is currently around -1.820, staying well below the zero line. This suggests that sellers continue to dominate market sentiment. Although there have been occasional bullish candles, they have failed to generate sustained upside momentum. The negative Bull Power reading confirms that buying pressure remains weak compared to the strength of the bears. From a technical perspective, the immediate support zone sits near 84.00, followed by 83.00 if selling pressure intensifies. A break below these levels could open the door for a deeper decline. On the upside, the first resistance is located around 86.70, with stronger resistance near 89.30. Bulls would need to reclaim these levels to signal a meaningful recovery. In the short term, traders should watch how price reacts around the current support area. Continued rejection from resistance and weak momentum readings favor the bearish outlook. However, if buyers manage to hold above 84.00 and build momentum, a corrective rebound toward higher resistance levels could develop. For now, the overall H4 structure remains bearish, and sellers appear to have the upper hand unless a strong bullish reversal emerges.