# Trump will meet with the six Gulf countries; the situation in Iran is at a key turning point. Geopolitical risks could trigger the energy and chemical sector at any moment. CL is under short-term pressure, but it’s not advisable to chase shorts. Geopolitical risk premium and soft demand are offsetting each other. I believe the rebound will likely be lackluster before prices resume probing lower. Risk control comes first over betting on a rebound.

From the order book, over the past 24 hours the price fell 5.8% to 91.93, with a high of 97.61 and a low of 91.13. Sellers are clearly in control, and the buy-sell ratio is only 0.64. The funding rate is 0.00%, indicating that longs are no longer willing to pay to hold positions. Open interest is 468,000, and there’s no sign of panic exiting. The 1-hour and 4-hour trends are diverging. The short-term is weak, but the medium-term trend has not been broken. 91.13 is the key support level to watch right now, while 97.61 is the strong resistance.

In strategy, consider a light short on the rebound to 94.35. Place a stop-loss at 95.85. The first target to watch is 91.35; if it breaks below, look at 89.85. If there is a rapid drop to around 90.25 and it stabilizes, you can briefly go long, with a stop-loss at 89.15 and a target at 92.65. Keep position sizing within 5% of total capital, and ensure loss per trade does not exceed 2%. During the geopolitical news window, make sure to set your stop-loss orders and don’t hold through losses.

——This is only my personal opinion and does not constitute investment advice. Wishing you a smooth trade.——

$CL# Trump will meet with the Gulf six countries; the Iran situation is entering a critical stage