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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.
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