Forecast for Oil (CL) on May 22, 2019

Oil (CL)

On the daily chart, the price consolidated below the MACD line (blue indicator). The Marlin oscillator signal line turns down without leaving the zone of a downward trend, which is the zone of negative numbers. Taking a new decline line as a continuation of the trend from April 23-24, the price may overcome the 100.0% Fibonacci level at May 6 low of 60.04. The closest medium-term goal is the Fibonacci level of 110.0% on the price of 59.39. Then other levels of this technical tool are opened successively at 58.31 (123.6%), 57.53 (138.2%), and 55.98 (161.8%).

On the four-hour chart, the price is held by the indicator line of balance and the Fibonacci level of 61.8%. The support is strong, exactly from the same point of support, where the price turned up on May 20 (green arrow). But in the current situation, we are waiting for a breakthrough of the support at the Marlin oscillator, leaving the negative zone. The reason may be today’s data on stocks in the United States.

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The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for Oil (CL) on May 22, 2019

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