1st wave upwards?Analyzing the NYMEX:CL1! (Crude Oil Futures) chart, the current level may serve as a potential reversal point due to several factors:
Higher High Formation: On November 7th, the price established a higher high. If the current candle forms a higher low, it could signal the continuation of an upward trend.
Bullish SMA Crossover: A few days ago, the 30-day Simple Moving Average (SMA) crossed above the 50-day SMA, indicating a bullish momentum shift.
Seasonality and Macroeconomic Factors: Historically, crude oil exhibits bullish seasonality starting in the second half of December. Additionally, global instability and the Federal Reserve's recent interest rate cuts may contribute to higher commodity prices.
These elements suggest a favorable outlook for crude oil prices in the near term.
