Oil price prediction by AI

December 19, 2024 at 07:45AM
Crude Oil Futures (CL) Analysis

Important Note

Always correlate this analysis to the current price level and market context. Key levels mentioned here are potential reversal points or price magnets. Even if the AI suggests a directional bias, traders should pay close attention to how price reacts at these levels. Always trade with caution and at your own risk.

Directional Bias Score: +2 (Neutral to Slightly Bullish)

Buyers have stepped in near support levels, creating a potential for a short-term bounce. For this bias to hold, price must reclaim $70.05 (Naked YVAL) and sustain above $70.21 (Naked YPOC).

Key Volumetric Insights for Crude Oil Futures

Modest buy volume emerged near $69.46, hinting at support.

Recent bars show improving cumulative delta, indicating buyers are building strength.

Delta Change suggests growing participation from bulls, but key resistance levels loom near $70.61 (Naked YVAH).

Key Levels to Watch

Above Current Price:

$70.05 (Naked YVAL): Immediate resistance to test bullish momentum.

$70.21 (Naked YPOC): A critical level where sellers may defend aggressively.

$70.61 (Naked YVAH): A strong price magnet for a potential reversal.

At Current Price:

$69.54: Consolidation near this level may determine the next move.

Below Current Price:

$69.15 (Naked VAL – Dec 17): Key support to hold if bulls are to remain in play.

$68.10 (Naked VAL – Dec 11): A deeper support zone to watch if bearish momentum grows.

$67.52 (Naked VAL – Dec 10): A significant level for potential long setups.

Final Note

Crude Oil Futures exhibit a tug-of-war between buyers and sellers near key levels. Traders should monitor how price reacts at $70.05 and $70.21 to gauge the strength of bullish momentum. Conversely, a break below $69.15 could expose lower targets. Trade with precision and always manage your risk!

This article was written by Itai Levitan at www.forexlive.com.