Saudi Arabia starts a price war! $CL 69 rebound is short?

Brothers, Saudi Aramco just dropped a bombshell—reducing its August Asia crude oil price by $11 per barrel, the biggest cut in at least 26 years!
News:
Price war begins: Saudi Aramco sets its official selling price for Asian light crude at a discount of $1.50 per barrel to the benchmark, with a cut far exceeding expectations, directly targeting Asian market share. The Strait of Hormuz resumes navigation + OPEC+ continues to increase output in August, putting dual pressure on the supply side.
Major banks collectively bearish: Citigroup expects Brent to fall to $60 by year-end, while JPMorgan and Goldman Sachs warn that a global oil surplus may reappear next year. Saudi Arabia's price cut is essentially a public admission of weak demand.
Technicals:
Current price 69, fell after touching the upper Bollinger Band at 69.22, RSI1 73.86 near overbought.
Upper resistance: 69.5-70.0, strong resistance at 70.5.
Lower support: 68.0-68.5, if lost, look at 67.0.
Gongming's view:
Supply surplus + price war, trend is bearish. A rebound is an opportunity to open short positions.
Trading strategy:
Conservative: wait for a rebound to 69.7-70.3 to go short. Aggressive: go short near current price 69.2.
Saudi Arabia's price cut is a confirmed bearish factor. Don't bottom fish; it's safer to wait for a rebound and short.
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