Yesterday, there was a very abnormal but highly valuable signal in the CL (WTI crude oil) market: Proactively selling continued to result in net outflows, while CL continued to rise, reaching a peak of $93.47. Some friends may ask: why can the price still rise even though the funds are selling? Because active net outflow does not necessarily mean that funds have truly withdrawn, it only represents that there are more sell orders than buy orders executed at market prices. Every active sale must be taken over by someone behind it. The real key is not how much was sold, but whether the selling price was lowered. Yesterday, a large number of active sell orders flooded in, and the price not only did not weaken, but continued to rise, indicating that there is a stronger passive limit buying market below that continues to absorb. The secondary image indicators further validate this point: -The ratio of long and short positions to LSUR has decreased to 0.37, indicating that the number of short accounts is approximately 2.7 times that of long accounts; -The significant increase in open interest OI accompanied by price increases indicates that new leveraged funds are continuously entering the market. Price increases, OI increases, LSUR decreases, and a large number of accounts go short against the trend, but selling pressure is taken over by more concentrated large funds. Please note that LSUR calculates the number of accounts, not the size of funds. Many small short positions may be absorbed by a few large long positions. These bearish orders against the trend did not lower the price, but instead turned into stop loss and strong buy orders when the market continued to rise. So, yesterday's net outflow of funds may not necessarily be the main selling force, but it could also be the result of "new short positions+high profit taking" being passively digested by buying, ultimately driving a round of short selling. This round of rise is supported by clear fundamentals: after disruptions to transportation in the Strait of Hormuz, the Red Sea and alternative routes to Saudi Arabia are threatened again. The market valuation is no longer just about geopolitical conflicts, but two key transportation channels are under pressure at the same time, causing oil prices to approach $100 at one point. But now the short-term rhythm has changed: CL peaked at $93.47 and fell below the short-term moving average, the fast line began to turn, and OI also slightly fell back from its high level, indicating that the previous bearish momentum is cooling down. Next, let's focus on two positions: -$89.60: The upper edge of the chip value zone, holding still belongs to strong retracement; -$87.80: The position with the highest concentration of chip transactions, and also the structural defense line for the recent rise. If you hold $89.60 and stand back at $91, there is still a chance for the price to test $93.47 again, with resistance above $95; If the active selling continues to flow out and falls below $89.60, the pullback may expand towards $87.80. One sentence summary: If you can't sell, it's a strong position; Starting to sell is the real risk signal. CL crude oil WTI