Citibank is bearish on crude oil to 60! $CL 69.1, follow short?


Brothers, Citibank released a heavy report — predicting Brent crude to fall to $60 by year-end, suggesting selling on rebounds.
Fundamentals:
Citibank believes that with the Strait of Hormuz shipping resuming, the geopolitical premium is rapidly fading, and the market is once again driven by supply and demand: major buyers absent, physical crude weakening, inventory drawdown far below expectations. Target range $60-65.
Technicals:
Current price 69.1, has broken below the MA moving average of 70.37.
Resistance above: 70.0-70.5.
Support below: 67, if lost, look at 65.0.
Gongming's View:
Citibank's logic is coherent — after the geopolitical premium fades, the supply-demand aspect is bearish. A rebound is an opportunity to go short.
Trading Strategy:
Conservative: wait for a rebound to around 69.8-70.2 to go short; aggressive: go short near current price 69.
It's not just a one-day matter for a major bank to be bearish; going short on rebounds is safer.
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