WTI Oil – Breakout As Expected (4hr chart)
Yesterday in our daily trade setups commentary, we suspected the corrective price action and weak bounce off 76.36 would likely lead to a downside breakout. As you can see from the chart below, that view was completely correct as the commodity tumbled on the day, losing almost $3 while taking out the 75 handle in the process.
Barring any sharp reversals, $70 is looking more and more probable near term. I’ll look to sell any weak rallies into 76 and 76.36. Downside targets will be 74.15 and $70. Only a daily close back above 77 or 78 will negate the ST bearish bias.
Also in our members trade setups commentary today, we …... Keep reading