Nov. 15 at 8:10 AM
$CL: The last close at
$78.05 indicates a position near the 30-day moving average (MA30) of
$77.88, suggesting potential support. The RSI at 50.88 indicates neutral momentum, showing no strong overbought or oversold conditions. The price is also below the 50-day moving average (MA50) of
$79.19, which may indicate a slight bearish bias.
Given the 60-day high of
$87.33 and low of
$74.55, the current price is closer to the low end of this range, suggesting potential for upward movement.
Suggested entry:
$78.10, just above the MA30 for confirmation. Stop loss:
$76.50, below recent support.
Targets: First target at
$80.50, near the MA50, and second target at
$82.00, aiming for a retracement towards the higher end of the recent range.
Overall, the trade plan leans towards a cautious bullish stance, looking for a rebound from current support levels.
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