Light Crude Oil Futures (CL1!) on the NYMEX struggle
- Price Movement
Current Price: The current price is $71.00, showing a recent increase of $2.35 (3.42%).
Trend: The price has been fluctuating within a range, marked by a purple rectangle, indicating consolidation between approximately $60 and $80. - Volume
Current Volume: 1.45 million, suggesting moderate trading activity.
Historical Performance
The table below the chart shows monthly percentage changes from 2013 to 2024. - Seasonality:
March and April tend to have positive returns historically, with April showing an average increase of 4.38%.
October and November often exhibit negative returns, with October averaging a decrease of 2.18%. - Technical Indicators
The chart includes several annotations indicating significant price changes over time.
Resistance and Support Levels:
Resistance appears around $80.
Support is near $60, as indicated by the lower boundary of the consolidation range. - Conclusion
The chart suggests that crude oil prices are in a consolidation phase. Traders might look for a breakout above $80 for bullish confirmation or a breakdown below $60 for bearish signals. Historical data indicates potential seasonal trends that could influence future price movements.
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