Price Action – Crude Oil Pin Bar Pullback Plays Out | May 8th
WTI Crude Oil – Breakout Pullback Setup Profits
On Monday this week, I discussed in my fx market commentary how Crude Oil had formed a pin bar off key support, and was offering a good setup to get long around $94.84. Price hit $94.90, gave two touches on the intra-day charts, then went higher, now up 173 pts on this one, so hopefully you profited from this one as well as its now offered over a 5:1 reward to risk play.
The commodity looks like it wants to make an earnest attempt at taking out $97, but keep in mind we have $97.65 and $98.21 up ahead, so likely sellers parked there. Bears can look to sell towards the higher levels, targeting $97 and $95, while bulls will need to wait for the stops to get tripped up there, before finding new bulls to join the cause.
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