Scenario on light crude oil cl1! 13.12.24If we can maintain the main monthly level, which is also support for the price of 71.66-72.44, then it is likely that the market will come for levels around 65, but if the market were to break through this level, then there is a possible scenario that the price could go higher and I would take the first tp somewhere around 75, but there are other big levels above that and the price could even reach 80.
Cl1analyse
CL1! Oil has returned to the level it left in Novembre 2014.Hello world!
According to my technicale analysis, Oil has returned back to the level it left in November 2014, which is a very strong trading range.
We can also observe that oil is reaching the top of the Uptrend channel, which means that we may see a small correction in the next few days/weeks. It can go down to the red line (which is a strong market support) in the worst cases during the current global economic situation.
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Comment: We didn't break the "Support 1", but we had a very big rejection at that level with a big volume, which signifies a trend reversal.
However, it could be a fake rejection. As long as we are within the trading range, any decision can be risky.