FX.co ★ bradtke.owen | CL/Crude Oil

#CL / Oil / OILUSD

Hello traders! Regarding the #CL instrument, I don't see any situations confirming a break in the market structure or a local trend reversal yet. Currently, the market structure remains bearish and nothing more. At the end of Friday's market close, it was evident that sellers were pushing the price down, accumulating liquidity below key OB levels, indicating the potential of sellers. A bit about the H4 timeframe Presumably, the bullish market model was broken back in October, and November doesn't offer many good entry points into the market, thus reinforcing the market's downward trend. Based on my analysis, I assume that there are unclosed buy stop orders nearby in the range of 63.80 and 64.20. On one hand, it's too early to talk about long positions, but it's worth noting the range of 65.50 or 66.00. I recommend keeping an eye on these levels only during market corrections, as the accumulated liquidity there remains relevant. Sell stop orders are not far either, at 61.00, 60.20, and of course, 59.80. In short, it turned out something like this, but overall, there is an OB marked at 63.80 and 64.50, from where the price moved down, as there was no other way. I want to point out that there is another market resistance area where we are likely to see a pullback, specifically around 65.20 and of course 66.00. According to the plan, there is an upcoming imbalance, namely the sellers' area at 62.80 and 63.50. Here, a dual decision may arise: either we won't completely fill the FVG or we will go to the OB and then continue pulling the price down from there. In short, summarizing the analysis, I am considering the area where I will be taking positions at 61.60. The second one is at 60.20, and the control point is at 59.80. That's how I see the situation for the upcoming week. Thank you all and have a great weekend.