Crude Oil futures (CL) are currently trading at $61.13, reflecting an ongoing bearish sentiment across multiple timeframes. Integrating daily chart analysis, intraday volume profile, VWAP indicators, and order flow data reveals a cohesive picture of sustained bearish pressure, making the upcoming price moves highly significant.
Analyzing crude oil's daily chart with a Modified Schiff Pitchfork clearly indicates a persistent bearish channel formation. Price recently failed to sustain attempts near the median equilibrium line (around $63–$64), signaling ongoing seller dominance. This rejection solidified bearish confidence, as crude prices now target the lower channel boundary around $58–$59. This structural perspective strongly favors bearish continuation, with limited bullish potential unless prices decisively breach the median equilibrium above $64.
Zooming into the intraday 30-minute range bar chart, additional precision emerges. The price trades slightly below the intraday VWAP ($61.32), underscoring short-term bearish control. The current price ($61.13) resides near a significant high-volume node (HVN) around $61.33–$61.49, representing an immediate resistance area. This HVN acts as an equilibrium, and the inability to reclaim VWAP and sustain above this HVN has reinforced intraday bearish conviction.
Immediate support at approximately $60.71.
Deeper support levels at $59.48 and ultimately $58.52 align closely with the daily chart’s bearish targets.
Order Flow Analysis: Confirming the Bearish Scenario
Notably, recent intraday attempts to reverse upward proved short-lived, characterized by bullish exhaustion and rapid bearish resurgence. This scenario aligns with classic bear-trap dynamics, further increasing the likelihood of continued downside momentum.
Given the confluence of bearish signals across daily structure, intraday VWAP rejection, volume profile distribution, and bearish order flow dominance, crude oil futures exhibit a high probability of continued downward pressure.
The primary bearish targets include:
Key intraday psychological level: $60.40.
Critical lower daily channel support: $58.52.
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Bullish traders: Maintain a cautious stance. A clear bullish reversal demands sustained price acceptance above $61.49 and intraday VWAP, reinforced by bullish order flow confirmation. Until this happens, the bullish scenario remains speculative and highly risky.
Given the current price of crude oil futures ($61.13) trading below the critical intraday VWAP ($61.32), bearish momentum remains dominant, highlighting a high probability for further downside price exploration in the near term.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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