WTI Oil – Watch out for potential falling top formation
Yesterday’s bearish inverted hammer candle and a failure to hold above the 50-DMA and 100-DMA suggest the bulls need to be cautious.
A bearish follow through today would put in place a falling top formation. That would be followed by a bearish 50-DMA and 100-DMA crossover and re-test of support at $49.59 (Mar 16 high).
A bearish follow through today would put in place a falling top formation. That would be followed by a bearish 50-DMA and 100-DMA crossover and re-test of support at $49.59 (Mar 16 high).
