CL (Crude Oil) is trading around $100.09 (approximately ₹8,858), up 1.6% over 24 hours according to the supplied context. Volatility is running at 1.2× its baseline, while the 14-period Average True Range (ATR) stands at 3.2% of price. That puts the current ATR at roughly $3.20 (₹283), suggesting that price swings could remain significant over the next two to three days.

The immediate question is whether CL can sustain its move above $100 or face selling pressure near recent highs. The oil market at a larger level is also taking cues and moving on fears of supply disruption in the Middle East, with news related to the oil market and changes in the flow of oil remaining a dominant factor. A trader must keep a watch on whether buying continues above the $100 mark or the momentum weakens as prices near up-resistance points.

Ready to act on these levels?

▼ Support

₹8,716 ($98.50)

▲ Resistance

₹8,951 ($101.14)

If CL holds above $98.50 (₹8,716) and buying pressure persists, the price could retest $101.14 (₹8,951) over the next two to three days. A sustained break above that level would suggest further upside momentum, particularly if oil-supply concerns continue to support prices.

If CL falls below $98.50 (₹8,716) and fails to recover, selling pressure could bring $95.56 (₹8,456) into focus. Easing supply concerns or profit-taking could weigh on prices, although a quick rebound above support would weaken the bearish setup.

Middle East supply disruptions

Crude prices remain sensitive to developments affecting oil production and tanker movements in the Middle East. Recent reports have highlighted attacks on shipping and concerns about disrupted supply routes, supporting an additional geopolitical premium in oil prices.

During the next two to three days, keep track of whether the supply problems get worse or whether there is evidence that oil production is being restored. A reversal of the geopolitical sentiment would be sufficient to cause a sudden swing in the market dynamics.

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