Crude Oil Market Direction for Long term

Day trading crude oil

CL Monthly Chart

In next 1 or 2 weeks we should see a great break out, and it will give us a direction for long term. So far, Sellers And Buyers are both very active…No surprise we are at 200MA consolidation.

Depending from witch side we will get a BreakOut, next targer are:.

1st Long target  at 112.00 

1st Short Target  at 80.00

day trading wti

CL Weekly with nice Inv. H&S pattern

Why I think we will get a BreakOut in next 1 or 2 weeks? Well,CL are in a very nice Inv. H&S pattern, and it can go both ways. Also is the end of Triangle.

If you look on daily chart you will see that buyers are committed to pass last highs at about 97.38. Once we get at this level, we should get are answer for direction. Will buyers pass this price, or Sellers will be strong enough to bring CL price down.