Hey traders, Just wanted to share my thoughts on what I’m seeing right now on Crude Oil (#CL, H1) because this chart is getting interesting and I know many of us are watching the same levels. Price is currently moving around the 57.50 area, and honestly this zone has been acting like a decision point for the market.
If you look closely, the overall structure is still bearish. We had a strong drop earlier, then a pullback, and now price is again struggling to move higher. The candles are small and choppy, which tells me buyers are not very confident at the moment. The moving averages are also leaning downward, so sellers still have some control. Now coming to
Bollinger Bands, price is hovering near the lower band. This usually tells us two things: either we get a small bounce due to oversold conditions, or the market pauses before another push down. We already saw a minor bounce, but it didn’t have strong momentum, which is a bit worrying for bulls.
RSI is around the mid-level (near 45), so it’s not oversold yet. This means there is still room for price to move lower if sellers step in again. I personally don’t see strong bullish divergence here, so I’m not very confident on long positions unless we get a clear break and close above 58.20–58.30 with volume.
From a trading point of view, I feel this is more of a sell-on-retracement market rather than buying blindly. If price moves back towards 57.90–58.10 and shows rejection, short setups can make sense with tight risk. On the downside, 57.20 and 56.90 look like important support levels where price may react.
One important thing: avoid overtrading here. The market is slow and can easily trap impatient traders. Waiting for confirmation is key. Also, keep an eye on news related to oil inventories or any sudden geopolitical headlines, because crude oil loves to move fast when news hits.
Overall, my bias remains slightly bearish unless price proves otherwise. I’ll stay patient, protect my capital, and only take trades that clearly match my plan. Would love to hear how others are trading CL right now. Stay safe and trade smart!
