CLOIL / Crude Oil - Bearish Continuation Toward 74.00 and LowerCrude Oil Future CFD (USD)VANTAGE:CLOILmsepehrnorouziCrude Oil (CLOIL) is showing clear signs of continued weakness following the recent US-Iran interim peace agreement. Key Analysis: The agreement to reopen the Strait of Hormuz is reducing geopolitical risk premium significantly. Market is now focusing on fundamentals: OPEC+ production returning and non-OPEC supply remaining resilient, leading to potential supply growth outpacing demand. Fibonacci Extension from recent swing high to low shows strong confluence at the 0.786 level (~74.25) and 1.618 level much lower. Bearish Structure: Price rejected the 76.00–76.50 zone multiple times. EMA 9 remains below EMA 21, confirming the downtrend. Recent candles show rejection with long upper wicks. Targets: First Target: 74.00 – 74.25 (0.786 Fib Extension) Next Target: 72.95 (1.0 Fib) Extended Target: 69.20 (1.618 Fib) This setup looks logical for further downside as the market digests the increased supply outlook. The move to 74 and lower is technically and fundamentally supported. This is my personal opinion and analysis only. This is not financial advice. Always do your own research and manage risk properly. Trade safe!