Over the past 3 weeks, oil has been fluctuating between $57 and $62. But yesterday, it hit $ 63 on the news of decreasing reserves in the US.
Considering this, bearish traders can work for a decline, but in the same scenario as the picture below:
So, since oil has an ABC pattern where wave "A" is bearish in structure, investors can open short positions and set off a 50% retracement from $62.5. Place limit at $66, and then take profit as soon as the price hits $57.
Of course, risk should be monitored to avoid losing profit. This financial market is rather unstable, so correct approaches are needed to gain money.
The idea above follows the Price Action and Stop Hunting strategies.
Good luck!