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.

pin bar WTI crude oil trading price action

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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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  • econoception

    Clearly bearish. The 20EMA and above could be good value zones for selling like you said.

  • Igor

    Hello Chris, Please kindly what is the name of software you’re using? I want to download on my computer. Furthermore, your analysis is superb 😀


    • Hello Igor,

      The charting software is FXTrek Intellicharts – Desktop version which is $100 a month. They have a cheaper version as well, and a free trial.
      But glad you are enjoying the analysis.

      Kind Regards,
      Chris Capre