Is Crude Oil Futures a Buy or Sell today (06 Jan, 2025)?

Crude Oil Futures Trading Map: Key Levels for January 2025 Contract

Current Price Analysis:

Today’s Crude Oil Futures (CL January 2025) are trading near critical levels, with a clear divide between bearish and bullish scenarios based on key technical zones.

Bearish Scenario: Crude Oil Futures Under Today’s Point of Control

1. Key Level for Bears:

   • $74.13: Today’s Point of Control (POC) serves as a pivotal level. A move below this price signals bearish momentum and selling pressure.

2. Targets for Bears:

   • $73.69: The first target for partial profits, a key support level where some buyers may step in.
   • $73.47: A stronger support zone that could attract significant buying interest.
   • $73.05: A major support level, representing a potential full profit target for bearish trades.

A sustained break below $74.13 could set the stage for Crude Oil prices to decline, with these levels acting as potential stopping points.

Bullish Scenario: Crude Oil Futures Above Friday’s Value Area High

1. Key Level for Bulls:

   • $74.33: Friday’s Value Area High (VAH) is the critical level that bulls need to reclaim and hold above to confirm strength.

2. Targets for Bulls:

   • Immediate upside targets would depend on momentum, with a focus on reclaiming further resistance levels once this key zone is broken.

If Crude Oil futures sustain above $74.33, it could signal renewed buying interest and the potential for upside continuation.

Key Takeaways for Crude Oil Futures Trading

• Bearish Outlook: Below $74.13, bears gain control with targets at $73.69, $73.47, and $73.05.
• Bullish Outlook: Above $74.33, bulls may regain strength and look for higher levels.

Disclaimer: Crude Oil Futures Analysis

This Crude Oil futures trading map highlights potential key levels for traders to observe in the CL January 2025 contract. Use these levels as part of your trading analysis and risk management. Always trade responsibly, and consider your strategy and market conditions before making decisions. Visit ForexLive.com for additional views.

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