Market Commentary – Crude Oil Continues Sell Off Into Pin Bar Lows | Apr. 17th

WTI Crude Oil – Impulsive Selling Into Pin Bars Lows
As suspected, the bears have asserted their control again, selling the commodity 13 of the last 17 hours, dropping over $2.50 a barrel today. I wrote in my market commentary yesterday about looking to remain bearish selling into $89.40.  Doing a peek-a-boo a few pennies above $89, the selling began shortly after and didn’t stop, heading impulsively into the prior 4hr pin bar, and another that just formed at the same level.

I am not feeling inspired to buy at these levels, although the reward to risk ratio is quite favorable, so there could be a small play with low risk here. Overall, the intra-day price action looks increasingly bearish. I’ll watch for a breakout retest below $86, or another corrective pullback just above $87 to rejoin the trend, targeting $86, and a break below gunning for the big figure at $85.

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • flashmark

    Seems Gold now testing 1400 psychological resistance. I think it go down again to 1310 price level and then will come back to 1428 level before going to 1226/1265 level to by completing the wave.I think this 1400 level, we can put short order targeting 1310. Then we can go long expecting reversal to 1428.What do you think Chris?

    • Hello Lakmal,

      I only give personal trade advice and recommendations for the students in my course which you are welcome to join.

      Kind Regards,
      Chris Capre

  • flashmark

    How can I Forex signals from you without following your courses? How do you charge(I’m small scale trader and having only 50$ to trade).

    • Hello Lakmal,

      I don’t have a forex signal service as that does not teach people how to fish.

      Kind Regards,
      Chris Capre