FX.co ★ CL/Crude Oil

Hello traders, In the case of oil (#CL), sellers were quite active yesterday, and as a result of their organized decline, we first reached a local support level at 59.43, and then broke below it. The volumes during the decline and the breakout of this level were quite high and gradually increasing, indicating an accumulation of short positions by large bears. Moreover, the fact that the closing price at the end of the trading day was below the 59.43 level paves the way for a new wave of selling. Therefore, my priority is selling, so I will be waiting for oil (#CL) to continue the downward movement that started yesterday in the second half of the trading day towards the targets at the nearest calculated support level of 58.27, with a possible further decline below it.