Price Action – Crude Oil Accumulation & Breakout | Dec. 17th
After bottoming for the second week of December, Crude Oil has I think formed a medium term bottom off the pin bar lows from Dec. 11th. In the process, it has shown signs of accumulation and formed two intraday breakouts so the bulls clearly have control short term. I’m looking to get long ideally on a pullback towards $87.10 and if it shows massive strength, then a pullback towards the more shallow $87.66 level so watch for price action clues here. Resistance comes in short term at $88.48 and $89.
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