[WTI Crude Oil / $CL] Price Action & Key Target Zones Following the US-Iran Issue

 [Oil Futures Chart Analysis] 

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 Oil Price Direction and Key Entry Points Following the US-Iran Issue Current Oil Price Situation and Chart Analysis Oil prices have surged recently due to the war issue between the US and Iran. The price of oil hit $119.48 at one point and is currently moving sideways as it somewhat stabilizes.

 Looking at the chart, you can see that the price deviated significantly from the Bollinger Bands standard deviation of 2, briefly hit a high, and then came down. Because of this, a rapid expansion of the Bollinger Bands did not occur simultaneously. Since coming down from the high, it has been moving sideways without a clear direction, but looking at the detailed movements, there are points worth noting. 

The green area in the chart photo represents the Bollinger Bands for the current timeframe, while the gray background represents the Daily Bollinger Bands.

CL1! 4H

 4-Hour (4h) Timeframe and Key Indicator Analysis Looking at the 4-hour timeframe, there was a single drop after moving sideways from March 14 to March 23. 

 However, it later showed a strong breakout through this supply zone again. Because it broke through a significant supply zone, we can expect an S/R Flip (Support/Resistance Flip).

CL1! D

 

Additionally, the moving averages are maintaining a bullish alignment, indicating an uptrend, which leaves the possibility of another upward move open. However, since the daily Bollinger Bands have entered a squeeze phase, a massive major trend is unlikely to erupt in the short term. Overall, the current market can be seen as having a 'bullish trend'. 

KEY PRICE LEVEL

 Key Price Level: Neckline to Watch at $94 - $95 At this point, the price level I consider most important—the 'neckline' that will determine the trend—is around $94 to $95. This zone holds significant meaning. It is where the ascending channel I drew on the chart, the moving averages, and the previous thick supply zone all converge. In technical analysis, an area where multiple indicators overlap serves as strong support, so please be sure to keep this in mind when trading. 

 Trading Strategy and Conclusion While it is true that there is currently a bullish bias, it remains uncertain whether the price can break through the previous high of $119 again. Even if it rises, if it fails to surpass $119, we might instead anticipate a bearish reversal. Therefore, I recommend trading with strict risk management rather than making aggressive entries. 

 This post is written strictly from a trading perspective. In everyday life, rising oil prices are certainly a sad thing for all of us. While many of you may be struggling due to higher gas prices, I hope my chart analysis perspective will be of some help to your entry prices and investment strategies as volatility has increased along with the oil prices.

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