Current Market Overview for CL!
Crude oil futures are trading at $66.51, after bottoming out at $65.29 earlier today.This represents a $1.22 rally, or 1.87%, from the intraday low.Key reference points: Yesterday’s VWAP: $66.63Yesterday’s Value Area High (VAH): $66.81Today’s Low: $65.29 (just $0.07 above the recent 5-day low)Market Context for Crude Oil Futures – Bearish Phase with Potential Trading Range
Larger Trend: Crude oil futures have been in a deep decline, down 19.25% over 33 trading days (Jan 15 - Mar 5).Recent Price Action: The market has found temporary stability near $65.29, close to the multi-day low.Reversal vs. Trading Range? Often, after sharp declines, a price range forms before any possible sustained rebound.Today’s ~2% rally in 8 hours suggests a reaction bounce, but does not confirm a full reversal yet.A contrarian short trade is considered at resistance levels, as traders who bought the dip might take profits after a 2.3% bounce.
Bottom of the Zone: $66.61 (Yesterday’s VWAP).Top of the Zone: $66.88 (High Volume Node near yesterday’s VAH).Entry Consideration: Some traders wait for price to cross above $66.81 (yesterday’s VAH) and then drop below it before shorting.
Partial Profit Targets for a Short on Crude Oil Futures
$66.64 – Quick first profit, aligns with yesterday’s VWAP.$66.40 – Just above today’s Value Area High (VAH).$66.23 – POC of today, strong liquidity area.$66.06 – Just above yesterday’s POC, another key volume cluster.$65.97 – Close to today’s VWAP at $65.90.$65.69 – Today’s Value Area Low (VAL), another liquidity test.$65.23 – Possible stop hunt below today’s low and another historical level.In a trading range, price often reacts at multiple liquidity levels.A structured exit plan increases adaptability to market conditions.
Bullish Trade Plan – If Crude Oil Futures Price Holds Above $67.08
Bullish Targets for CL!
$67.49 – Second Upper Standard Deviation of Yesterday’s VWAP.$67.95 – Third Upper Standard Deviation + Taking out yesterday’s high.$67.98 – Just below the Value Area High (VAH) of March 4.$69.06 – Below the VWAP of March 3 (Swing target).$69.57 – Below the VAH of March 3 (Extended swing target).This analysis doesn’t tell you whether to be bullish or bearish—it maps key decision zones.If you lean bearish, consider shorting within $66.61 - $66.88 and managing exits carefully.If bullish momentum builds, watch for sustained price action above $67.08 for further upside.Your strategy, timeframe, and risk tolerance will determine how you trade these zones.
? Stay flexible, manage risk, and trade smart. This is not financial advice and you need to do your own research. Visit ForexLive.com for additional views.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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