WTI Crude has now bounced 4x off the key 100.84 level, with each bounce forming an LH (lower high). You will notice the pattern how there is a big thrust up off the level, only to produce no follow through. This is from the sellers absorbing the bids, and with the LH's, they seem to be quite happy selling rallies.
I'll look to sell on a rally towards 102.50/30-ish, targeting 100.84 and potentially a much larger break lower towards 99.30.
Comments
Ryan_Tyler
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HIya Chris, Can I try a breakout short trade ?
2ndSkiesForex
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Normally I'd say yes, but the level isn't totally clear which is needed for a breakout retest trade. A weak pullback towards 101 could be a workable option though.