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On April 26th, I wrote about a bearish reversal pattern on WTI.
In fact, there were two reasons to take a relatively bearish stance on crude oil this week.
The first was the bearish rejection candle on the weekly time frame. That pattern was also a rejection candle from the 64.00 region.
The second reason was the daily and weekly close below rising wedge support.
WTI crude oil broke above this wedge in early April.
However, as is often the case, the topside break of an ascending pattern didn’t last.
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Then on Tuesday I pointed out the bearish pin bar below the resistance area between 63.60 and 64.50.
Crude oil spent Wednesday’s session consolidating, but Thursday saw sellers step up in a big way.
Thursday’s 61.58 close means that any retest of the 62.00/80 region will likely encounter an influx of selling pressure.
Remember that key support comes in at 60.30.
I wrote about this level last Friday and again on Tuesday.
You’ll notice how this area capped every advance in late March. The 60.30 region has served as support throughout March of last year.
A close below the 60.30 area would expose 58.20 followed by 55.40.
Alternatively, a close above 63.60 could reverse the recent bearish momentum.
But as long as the market remains below 62.80 on a daily closing basis, I favor selling WTI.
Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...
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