CL1! BULLISH intraday forcast
The outlook for CL (Crude Oil) in intraday trading is somewhat mixed, with a few bullish factors and technical indicators to consider. Recent analysis shows that while technical signals point to a bearish trend in the short term, there are elements suggesting potential price support. For instance, the strength of the crude crack spread has risen to a 5¾-month high, which could indicate positive momentum for crude prices. Additionally, the U.S. GDP growth is showing positive signs, potentially leading to an increase in oil demand. This economic growth could push prices higher, especially if the market responds favorably to these fundamentals. However, technical indicators, including moving averages, suggest a "Sell" position at the moment. Therefore, traders should monitor market developments closely, weighing both the technical signals and broader economic factors when considering intraday trading strategies for CL.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.