Technician
Short

Crude Oil Over-extended!

FX:USOIL   Crude Oil (WTI)
416 7 6
I believe crude oil             has been overextended, were the ongoing turmoil between Russia and Ukraine helped the commodity rally further yesterday. Meantime, as Putin backs-off, i believe crude oil             could see a meaningful correction, especially that copper             remains under pressure. We will probably see a retest of 100.50 support level .

If things escalate again on the political front, that may force prices higher again. At the end of the day, trading is a game of speculation, and never certain.

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Good call.
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Thanks. Also, at 200 DMA resistance and range compression.
snapshot
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Congratulations with spotting nice pull-back!

Now WTI is at Fib 0.618 off the resent top and geopolitical tensions a bit off.

Any thoughts on further development?
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Its currently retesting the 100 resistance area, lets see we might see another push lower.
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Any stop loss parameters?
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This is more of a bias, I would wait for stability back above the recent highs to negate my bias. For trades, I suggest looking for bearish signals on the lower time intervals for a trade setup.
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A correction could be due. Also would like to point out that somehow things are being mixed up. Putin calling back troops from the military exercise is something different to recalling the troops who have established base in Crimea already. Its only a matter of time before the markets realize this. Nothing much has changed in regards to the Ukraine stand-off.
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