FX.co ★ bradtke.owen | CL/Crude Oil

Analysis and forecast for trading instrument #CL based on technical analysis When looking at a smaller hourly timeframe, the situation on the Oil trading instrument may appear different. This is because overnight the price broke through the descending channel. Although we didn't immediately break the round resistance level of 85, we managed to hold above the level of 84.05, which was our previous low on the chart. Considering the geopolitical situation, it is clear that the bullish scenario cannot be ruled out, so it is necessary to monitor how the price will behave in the near future. If we can maintain our positions above the support level of 84.05, and especially if we move above 85, then it is definitely time to consider buying again. As for selling, it would make sense to consider it if the trading instrument #CL manages to settle below the round level of 84. Although I previously showed that entering on a bounce from the level of 85 looks almost perfect on the daily chart, this setup turns out to be quite aggressive.