Crude Oil Loses $3 – Reversal Coming? July 11th
Crude Oil – First Major Sell-off In Two Weeks
For the first time in over 15 days, Crude Oil got hammered, losing over $3 from the highs and closing below the 20ema for the first time since June 26th. The commodity is now consolidating around the 4hr 20ema and key role reversal level at 103.98. If this level cracks, then we could see some more serious unwinding, putting 102.31 on deck and potentially 100.75. I’ll watch for corrective pullbacks, followed by impulsive selling to break the 103.98 level, looking to get short on a breakout or breakout pullback targeting 102.31. If this level holds, then it should retest the trend highs around 107.25.
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