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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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