Price Action Trading – Crude Oil Pin Bars & Breakout Setup | Jan. 9th
Consolidating between the key support at $91.50 and $93.75, the price action has defined its levels clearly via two pin bars, with one rejecting off the top level and another off the bottom. Since we are currently in an uptrend, longs are more favored at this point.
I am looking at possibly buying on a corrective pullback towards $91.50, or will watch for a breakout pullback setup above $93.75 to get long. Any major breakdown below $91.50 will test the bulls at $90, while clearing the upside should put $95 and $97 in focus.