Crude Oil Price Forecast: Volatility Tests Bullish Reversal Structure

Group 1 - The rally high of crude oil reached $62.39, completing a 141.4% projection for a rising ABCD pattern before sellers regained control [1] - A significant breakout occurred when crude oil surpassed the 127.2% target at $61.86, indicating strong bullish momentum [1] - The 200-day moving average remains an upside target, with a larger price range projected up to $63.24 [1] Group 2 - Thursday's decline marked the first pullback after recent breakouts, with key resistance areas being tested for support [2] - The double bottom breakout and daily close above $60.56 provided bullish trend reversal signals, suggesting potential for further gains [2][3] - Crude oil tested support near the double bottom pattern breakout level at $59.00 and the 50-day average at $58.67 [3] Group 3 - The near-term risk for crude oil hinges on holding recent lows, with the 20-day average at $58.17 serving as a potential support area [4] - A drop below the 20-day average could jeopardize recent bullish signals, particularly if it falls below the second bottom at $55.82 [4] Group 4 - A new weekly candle will be completed, and a bullish continuation requires a weekly close above last week's high of $59.83 [5] - If the week ended today, it would show a bearish inverted hammer doji with a close in the lower third of the range, indicating potential weakness [5]