Crude Oil Sitting Above Major Key Levels | Nov. 12th

WTI Crude Oil – Down Almost $20 From Yearly Highs
Since early Sept., crude oil has been getting pummeled, now down almost $20 from the yearly highs at 112.45 only a few months ago. Its been a virtual one way train and hasn’t even touched the daily 20ema since the 19th of Sept. We are currently sitting above two major key levels which I can easily see shorts covering ahead of. They are marked below via the horizontal white lines, but they are at 92.55 and 91.23.

Its hard not to be bearish at this point, but I think traders should watch for intraday price action signals off these levels, as they may offer some high reward – low risk opportunities. If we have a daily close below 91.00, then 90 and 89.30 will be on deck, so still room for bears here.

wti crude oil key levels intraday price action signals 2ndskiesforex

Check out our latest article 9 Questions For Traders

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article