CL is currently around 86.4. The momentum that pushed up from 83.5 earlier has been unloaded again at the 87.5 level. Today it’s still grinding just below 87.5, and while grinding, the center of gravity has shifted down a little.
On the chart, price is sitting slightly below MA20 and MA50. Both the 4-hour and daily directions are showing FLAT, with the 4-hour candles consisting of six bars—four bearish and two bullish. The bulls clearly can’t hold up the previous high. Spot selling the wall is thicker than buying the wall. Today’s large-order data is also entirely zero, so there’s no sign of clear incremental capital.
The biggest divergence is on the futures side. The day’s reported open interest rose by 3%, but in the most recent 7 hours it actually fell by 3%. Money is coming in and going out—it doesn’t look like anyone is firmly committed to entering. The funding rate across all eight sampling points is hovering around zero and negative; nobody is willing to pay to hold longs, so overall bullish enthusiasm is just so-so.
Even the big players are conflicted: the number of accounts has shifted slightly toward the long side, but long positions within holdings have actually decreased. New positions are being opened while old ones are being reduced, with no unified direction.
So I’m not in a rush to take a side at this level. Resistance at 87.5 is holding up, and support near 85.8 hasn’t broken down fully either. Capital still hasn’t provided any coordinated force. If you want to go long, wait for a pullback and confirmation; if you want to short, wait for a breakdown below the lower edge. I’ll stand by and let the market choose the direction itself.
#cl $CL
On the chart, price is sitting slightly below MA20 and MA50. Both the 4-hour and daily directions are showing FLAT, with the 4-hour candles consisting of six bars—four bearish and two bullish. The bulls clearly can’t hold up the previous high. Spot selling the wall is thicker than buying the wall. Today’s large-order data is also entirely zero, so there’s no sign of clear incremental capital.
The biggest divergence is on the futures side. The day’s reported open interest rose by 3%, but in the most recent 7 hours it actually fell by 3%. Money is coming in and going out—it doesn’t look like anyone is firmly committed to entering. The funding rate across all eight sampling points is hovering around zero and negative; nobody is willing to pay to hold longs, so overall bullish enthusiasm is just so-so.
Even the big players are conflicted: the number of accounts has shifted slightly toward the long side, but long positions within holdings have actually decreased. New positions are being opened while old ones are being reduced, with no unified direction.
So I’m not in a rush to take a side at this level. Resistance at 87.5 is holding up, and support near 85.8 hasn’t broken down fully either. Capital still hasn’t provided any coordinated force. If you want to go long, wait for a pullback and confirmation; if you want to short, wait for a breakdown below the lower edge. I’ll stand by and let the market choose the direction itself.
#cl $CL