Crude Oil Futures
Technical Analysis

Crude Oil Futures: Technical Outlook

Trade Opportunities and Levels to Watch:

Support Levels:

  • The 50-day EMA at 78.46 and the 200-day MA at around 78.58 are providing strong support. Given the close proximity of these MAs, a dip to these levels could offer a compelling entry point for a long position.
  • Additional support is noted at the previous low around 76.50, which could serve as a secondary entry or add-on point for long positions.

Resistance Levels:

  • Immediate resistance is at the recent highs near 83.21. A breakout above this level could propel the price to test higher resistance levels.
  • Further resistance could become a problem for bulls at psychological round numbers, such as $85.00 or $90.00, or even $100.

MACD Indicator:

  • The MACD histogram is slightly above the zero line, showing us bullish momentum. The narrowing of the histogram suggests a possible loss of momentum, so a watchful eye on this indicator is warranted.


  • Sustained or increasing volume on uptrend days can affirm the strength of the move. Conversely, diminishing volume on pullbacks may indicate that the uptrend is still intact. In this case, volume is dipping on CL.

Trade Strategy:

  • Long Opportunity: A pullback to the 50-day or 200-day MA can be seen as a potential buying opportunity, with a stop-loss set just below the 76.50 level.
  • Profit Targets: The first target can be set at the recent high around 83.21, followed by psychological levels upwards.
  • Risk Management: Always use a stop-loss to mitigate downside risk, and consider the overall market environment when making trading decisions.

Stay vigilant for any signs of trend weakness or reversal, and remember that trading requires flexibility. If the market structure changes, be prepared to reassess your strategy and manage your positions accordingly. Always ensure your trades align with your risk tolerance and overall trading plan.