Commodity forecast / CL.US / Our expectations
The price moves in a broad consolidation, as it is currently located at the top of the channel. The price has been kept under horizontal and diagonal resistances. Price action signal: hanging man at levels of horizontal resistance. Technical indicator: CCI (50) In the over-bought zone and rotating down, when break-through level 100, positive moods will weaken.
Alternative scenario: If the price breaks over the resistance zone and comes out of consolidation, the negative scenario will be dismissed.
SL: 53.00
Trader Bozhidar Arabadzhiev
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