FX.co ★ bradtke.owen | CL/Crude Oil

#CL / Oil / OILUSD. Good afternoon. Oil closed last week with a bearish candle, and the pair still hasn’t filled the price gap that appeared at the weekly open. Although for black gold this scenario is quite common. Technically, on the hourly chart the indicators formed a buy signal by the close, but it hasn’t been activated here, and the pair has returned to the bearish zone of the Bollinger channel. However, the channel itself here suggests a move within its bands; the pair is now at the lower band, so on Monday we may see a move toward the upper band, roughly 78.50–79.00 in the short term. On the 4-hour chart the indicators don’t show anything specific, they are pointing in different directions, while the pair is spinning in the bullish zone of the Bollinger channel. It’s too early to talk about a firm hold here, although the bulls are trying. So for now I’m only looking at a local rise, but there is a chance to continue moving north in the medium term.