$CL This chart is only fit to look bearish — four hours of six consecutive declines, not even a single bullish candle can be made up. The daily chart is moving in tandem downward, and the trend line has essentially already passed a death sentence. Price is stuck between two moving averages, neither up nor down; in a single day it has broken through one support level again. Contract open interest shrinks by about a quarter each day, and the bulls don’t even have the funds to keep raising prices. Meanwhile, the big players are quietly adding to their positions during the downtrend, pushing their position share back above half — contrarian bargain-hunting, all turning into cannon fodder for the short side to accumulate.