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Crude-oil

$CL - Crude's Range & Downside TargetsCrude oil has been unable to breach the supply region established in March 2022 in the $120+ range. It's also having a hard time establishing ground above the 2011-2014 supply zone - price action above seems distributive with selloffs underneath carrying significant weight. That said, given the macro climate it's unlikely crude breaks down from this range for an extended amount of time , we are targeting a re-test & sweep of the lows to cap downside - no lower than $90-$92 region. OptionsSwing Analyst Will Nozick
NYMEX:CL1!Short
by optionsswing
WTIUSD / Oil - Technical AnalysisReviewing the daily chart shows extreme pressure to the downside over recent days, yet the bottom trend line held. We are still range bound with no clear trend, however analysing the current range, an uptrend is assumed. It is important to counter in the news and market sentiment. With ongoing conflict affecting supply chains, and concerns over supply chains being cut-off or heavily reduced, this will negatively impact supply and increase demand - leading to higher prices. Technical Analysis RSI is nearing the oversold level, and has on the last 2 days turned upwards - however looking over the last few days, this is no guarantee of continuation. We have a bullish looking formation in the last 3 days of daily candles, with large wicks rejecting the botton of the trend line. Support levels: 100.95 93.00 84.30 73.30 Resistance levels: 126.35 111.50
FXOPEN:XTIUSDLong
by robertofiorentino9
1
Crude needs to bounce off retest support today...Previously bullish on Crude Oil, especially after it met expectations to break out of the triangle. However, it did meet resistance and failed with a gap down, pushing back to retest the triangle. At this point, pre-(US)market hours, Crude broke back into the triangle, which would be bearish in nature, expecting an exit on the other side to ensue in due course. So, in short, be the end of the trading day, Crude needs to spike back up above 18 May close. The OSL line is currently below the 55EMA. Will review again...
NYMEX:CL1!
by Auguraltrader