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WTI Crude Oil – Running Into Sellers, Forms Pin Bar Rejection | Aug 11
WTI Crude Oil – Trying to Bounce, But Running Into Sellers
Crude Oil has been attempting to bottom off the 96.50 level, eventually forming a false break and closing above the 97.60 level. However, the commodity has been running into sellers over the last two days, forming a pin bar rejection today just below the next key resistance 98.77 that we’ve talked about in prior commentaries.
If the selling price action becomes impulsive, then it will likely take out the 97.60 level, and re-attack the major swing lows of 96.50, perhaps gunning for the big figure at 95.00.
If on the other hand the 97.60 holds, then 98.77 should be attacked. If the commodity can take out this level, then we’ll likely see some profit taking from the medium term bears, with a test of 100 shortly after.
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