FX.co ★ CL/Crude Oil

Hello traders, The past trading week for oil (#CL) turned out to be very successful for sellers. During Friday's decline, we first reached the calculated support level around 59.00, and then broke below it. Volumes continued to increase throughout this action, remaining at sufficiently high levels, indicating further entries of large bears into positions. The fact that the price closed below the 59.00 level paves the way for a new wave of selling in the near future. Therefore, my priority is selling. However, with oil (#CL), I will first wait for a correction and a test of the resistance level around 59.00. I expect a subsequent bounce from this level and a resumption of the decline towards the target around the calculated support level at 57.00.