Crude Oil Bearish Continuation

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CL1!

Crude Oil futures marked on the 1D chart

CL looks like it wants to target $66 on the weekly chart, so here's the daily chart for zoomed in analysis.

Confluences

• Relative equal highs (EQH) for internal buyside liquidity rests in the middle of the range.
  
• Imbalance above EQH.
  
• Rejected a past 1D liquidity void.
  
• Rejected a past 1D imbalance.
  
• Overall bearish order flow since the summer; draw on liquidity is lower.
  
• Bearish order block that took buyside liquidity; should now seek sellside on higher time frame.
  
• Break of Structure (BOS)
  

I believe we may see a midweek reversal for Crude Oil. We are at a discount so a premium will first be sought after (the EQH and imbalance around ~76), but the higher time frame narrative is still bearish until $66.

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ملاحظة

Idea no longer valid as oil looks like it wants to aim higher. However, this trading plan was immensely profitable for the week of December 12 - 16 despite the medium-term forecast being wrong.