Trade set up for WTI Crude Oil. Depending on how price reacts at the $20.00 Phycological number, either a long or short position can be traded. If price action prints us a nice reversal candlestick pattern, this could give us a conservative approach to the long side to around the $24.00 area. The confluences for this trade set up is a 50% fib level pullback of the previous swing on April 9th high to the potential bottom at or around the $20.00 zone and the previous support area found on April 7th and 8th that could prove this to be an area resistance. If your interested in further short side pressure, a nice break and re-test of the $20.00 zone down the the $16.00 area would be conservative yet appealing approach as well. We have not seen these prices since back in late 90's where we have found support/resistance at these lower prices.
Trade closed: target reached:
Short side TP reached.