CRUDE OIL: Buying A Pullback To Key Support 6-2-2022
CRUDE OIL – Futures
Price Action: There is no price action signal to note at this time.
The recent Bearish Tailed Bar Signal, failed (We did not consider trading this signal and hopefully saved some members on this market).
Price moved significantly higher from the prior Bullish Tailed Bar Signal + Inside Bar Breakout Pattern (Combo Setup) that had formed just under the $84.91 – $85.41 prior resistance area – which now acts as a short-term support area, also a minor Event area.
Potential Trade Idea 1: For more aggressive traders, we are still considering buying on a retracement lower and after a clear price action buy signal, at or around the $84.91 – $85.41 short-term support area (Minor Event Area)
Potential Trade Idea 2: We are still considering buying on a deeper pullback and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term support area.
Price Action: There is no price action signal to note at this time.
The recent Bearish Tailed Bar Signal, failed (We did not consider trading this signal and hopefully saved some members on this market).
Price moved significantly higher from the prior Bullish Tailed Bar Signal + Inside Bar Breakout Pattern (Combo Setup) that had formed just under the $84.91 – $85.41 prior resistance area – which now acts as a short-term support area, also a minor Event area.
Potential Trade Idea 1: For more aggressive traders, we are still considering buying on a retracement lower and after a clear price action buy signal, at or around the $84.91 – $85.41 short-term support area (Minor Event Area)
Potential Trade Idea 2: We are still considering buying on a deeper pullback and/or after a price action buy signal, whilst price holds above the $74.17 – $77.46 short-term support area.