On the 4-hour chart, crude oil extended its decline from 104.99, bottoming at 86.65 before rebounding to recover. It rose to 91.42, where it met resistance and pulled back. The current price is fluctuating around 89.76. Moving averages are exerting clear pressure, with considerable selling pressure overhead. OPEC+ production cuts are supporting prices and holding the low-level support, but weak demand expectations are limiting the rebound. Overall, the market is undergoing a wide-ranging recovery and consolidation, with no clear one-way trend for now.
For trading, consider entering long positions if the price stabilizes on a pullback near 86, with a stop at 85.2 and targets at 89.6 and 91.4. For a short-term trade, consider entering short if the price rallies into 91.2–91.4 and meets resistance, with a stop at 92.0 and targets at 90.0 and 89.3. $CL
For trading, consider entering long positions if the price stabilizes on a pullback near 86, with a stop at 85.2 and targets at 89.6 and 91.4. For a short-term trade, consider entering short if the price rallies into 91.2–91.4 and meets resistance, with a stop at 92.0 and targets at 90.0 and 89.3. $CL
