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Crude Oil – Forms Pin Bar With Trend on First Major Pullback
In one of the more impressive trends of this month, Crude Oil has finally been served a decent pullback and dent in the uptrend, losing over $ from the 108.89 highs. Today it formed a daily pin bar with trend off the 20ema and dynamic support. Bullish traders can look for pullbacks into 104.30/60 area to get long with stops below the daily low to trade with the trend. Bearish players will watch the 4hr charts as there is some structural weakening in this bull run, so look for shorts around 107.10-30.
Make sure to check out my latest article on Rule Based Systems vs. Discretionary Systems …... Keep reading