From TradingView · · 50s
CL at a critical junction
Crude oil futures face diamond reversal as prices hover near $96.5 pivot.
In brief
Crude oil futures face diamond reversal as prices hover near $96.5 pivot. Crude oil prices may reverse near $96.5 if they break below $96.5, targeting $92-93, or continue upward if they break above $100.3 with volume. Originally reported by TradingView.
Crude oil bull run
Crude oil has been on a bull run since October 10th, on low inventory data and war escalation anticipation.
Critical junction pattern
The HH and HL pattern broke on October 20th after rumors of easing tensions, but prices climbed again after rumors were negated.
Diamond reversal potential
A diamond reversal pattern forms in the consolidated zone, with a break below $96.5 pivot targeting $92-93.
Continuation scenario
If crude oil breaks above $100.3 pivot with volume, the bull run may continue.
The takeaway
Crude oil prices may reverse near $96.5 if they break below $96.5, targeting $92-93, or continue upward if they break above $100.3 with volume.
