WTI Crude Oil – Sitting Right Above A Key Level
Selling off From the 112.50 highs, the major commodity has been under heavy selling pressure for about a month, dropping over $6 in the last 5 days. Right now it is sitting on top of a key level at 102.15 which is the 2.5 month lows. Should this fold, the next support does not come in till 99.15, so a lot of potential profit available. I’ll watch for a breakout pullback setup on this support level as I’m favoring the bearish side. However, if this level holds strong, then look for a price action buy signal tomorrow targeting 105 with tight stops below.
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