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Daily chart: Finally, due to the uncertainty in Egypt, the CL broke the resistance at 106.70 level and is consolidating above it. It is very likely that the CL prolong their rise to resistance at 109.93 level. However, we must bear in mind that the uncertainty could also cause the CL fall and start strengthening of a bearish trend. If the CL manages to break the support level of 106.70, it is expected to drop to the level of 103.85. For now, we recommend extreme caution with the CL, especially with swing trading, due to the current instability of the CL. The MACD indicator is in neutral territory.
H4 chart: The CL is trying to break the resistance at the 107.44 level and if it succeeds, it is expected to rise to the level of 108.76. On the other hand, it is very likely that the CL undertake a bearish rebound at current levels and this fall to support at 105.61 level. If the CL manages to break this support, it is expected to fall to the level of 104.09, which houses the 200 day moving average. The CL is maintained above the 200 day moving average and the MACD indicator remains in neutral territory.
H1 chart: CL is maintained within levels 107.82 and 106.82. This range is a lot of volatility, due to the global indecision about the situation Crude Oil price in the future. If the CL managed to break the resistance level of 107.82, it is expected to rise to the level of 108.25. Furthermore, if the CL manages to break the support level of 106.82, it is expected to drop to the level of 106.02, where houses the SMA 200 and the Point of Control (POC). The MACD indicator remains in neutral territory, so we must be very careful to do intraday trading with the CL.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the CRUDE OIL breaks a bullish candlestick; the resistance level is at 107.82, take profit is at 108.25, and stop loss is at 107.38.
Source: www.instaforex.com
