FX.co ★ CL/Crude Oil

Hello traders, Towards the end of the last trading day, bearish activity on oil (#CL) started to increase again, leading to a breakdown of the local support level around 59.00, with the price settling below it. Volumes throughout this action were quite high and consistently rising, indicating a potential resurgence of bearish positions. Moreover, the fact that we closed the day below the 59.00 level paves the way for a new wave of selling. In general, I prioritize selling, so I will be looking for a rebound from the previously broken resistance level at 59.00 on oil (#CL) next Monday, expecting a resumption of the decline towards the 58.20 area, followed by a further drop towards 57.40.