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CL Crude Oil Analysis
Recently, crude oil prices have fallen sharply, mainly due to easing geopolitical tensions. Trump said the Iran conflict is nearing an end, and the US and Iran may restart negotiations in the next couple of days. The previously feared escalation of conflict is gone, risk aversion has cooled, and oil prices were directly pushed down, with a 4% drop in early trading, and a strong bearish sentiment.
From the 1-hour chart, after breaking below a key support level, crude oil continued to decline, with the Bollinger Bands opening downward overall. The price is trading below the middle band, clearly in a weak downward trend. Although there was a slight rebound after touching the low of 84.41, it was only a short-term correction, with strong resistance around 90.
In the short term, the outlook remains bearish: a rebound to 93-100🈳, with targets at 88-80.$BTC $RAVE