Crude Oil daily time frame - potential Ascending Channel

Crude Oil Futures (CL1!) – Daily Chart Analysis (Feb 11, 2025)
📉 Market Structure:
Crude oil is trading within a broad ascending channel, with higher lows forming near $68 and resistance near $80-$82.
Price recently bounced from a key support zone around $70-$72, indicating demand in this area.
🔑 Key Levels to Watch:
Support: $70-$72 (previous resistance turned support)
Resistance: $78-$80 (previous strong rejection area)
Major Resistance: $82+ (upper trendline of the channel)
📊 Potential Scenarios:
Bullish Case: If price holds above $72, a continuation to $78-$80 is likely. Breaking $80 could lead to a test of the upper channel at $82-$85.
Bearish Case: A break below $70 could invalidate the bullish momentum, pushing price towards the lower trendline near $68-$66.
📌 Conclusion: Oil is in a consolidation phase, respecting key levels. Bulls need a breakout above $78-$80 for further upside, while bears would target a breakdown below $70. 🚀🔥