Crude Oil daily time frame - potential Ascending Channel
Crude Oil Futures (CL1!) – Daily Chart Analysis (Feb 11, 2025)
📉 Market Structure:
Crude oil is trading within a broad ascending channel, with higher lows forming near $68 and resistance near $80-$82.
Price recently bounced from a key support zone around $70-$72, indicating demand in this area.
🔑 Key Levels to Watch:
Support: $70-$72 (previous resistance turned support)
Resistance: $78-$80 (previous strong rejection area)
Major Resistance: $82+ (upper trendline of the channel)
📊 Potential Scenarios:
Bullish Case: If price holds above $72, a continuation to $78-$80 is likely. Breaking $80 could lead to a test of the upper channel at $82-$85.
Bearish Case: A break below $70 could invalidate the bullish momentum, pushing price towards the lower trendline near $68-$66.
📌 Conclusion: Oil is in a consolidation phase, respecting key levels. Bulls need a breakout above $78-$80 for further upside, while bears would target a breakdown below $70. 🚀🔥
📉 Market Structure:
Crude oil is trading within a broad ascending channel, with higher lows forming near $68 and resistance near $80-$82.
Price recently bounced from a key support zone around $70-$72, indicating demand in this area.
🔑 Key Levels to Watch:
Support: $70-$72 (previous resistance turned support)
Resistance: $78-$80 (previous strong rejection area)
Major Resistance: $82+ (upper trendline of the channel)
📊 Potential Scenarios:
Bullish Case: If price holds above $72, a continuation to $78-$80 is likely. Breaking $80 could lead to a test of the upper channel at $82-$85.
Bearish Case: A break below $70 could invalidate the bullish momentum, pushing price towards the lower trendline near $68-$66.
📌 Conclusion: Oil is in a consolidation phase, respecting key levels. Bulls need a breakout above $78-$80 for further upside, while bears would target a breakdown below $70. 🚀🔥
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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.