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Price Action – Crude Oil Pin Bar Bounce Heading to Key Level | Apr. 16th
WTI Crude Oil – Pin Bar Marks Low After Impulsive Sell-Off
After the two day commodity rout that saw Crude Oil get hammered along with Gold and Silver, the commodity found a bottom marked by a pin bar off the round number at $86 and pushed consistently higher. Considering the sell-off was incredibly impulsive ($11 over 11 days), a bounce was expected, so this could be a short covering rally.
The first test for the bulls here is coming up at $89.40 which was the March swing low which was the spark that sent it up to $97.
For bears wanting to get back in the trend, this is the first major pullback resistance level, which also has a handy 4hr 20ema, so you can look for price action signals here. Bulls meanwhile will want to look for corrective pullbacks into the $87 area to get back long. For me, the bearish bias still remains, and until we can take out $90, I’m looking for more sells than buys.
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