Crude Oil Price Action Squeeze Coming? Sept 26th
WTI Crude Oil – Support Holds, But Weakening
Yesterday we wrote about the major commodity sitting on top of the key level at 102.15. That level held today creating a small bounce to 103.25, but the 20ema has kept the upside in check. With the formation of LH’s (lower highs), and the bottom remaining relatively the same, the pressure is still on. Watch for a price action squeeze between the 102.15 and the 20ema, which should lead to a downside breakout. If this plays out, look for a breakout pullback setup targeting 99.15. If the 20ema gets cleared, then 104 should be under attack.
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