WTI Crude Oil – With Trend Setup After Breakout | May 20th
WTI Crude Oil – Offering With Trend Breakout Pullback Setup
In our weekly market commentary, we talked about how Crude Oil had formed two accumulation periods that suggested likely higher prices. Thank god we weren’t selling that tiny pin bar other ‘authorities‘ of price action suggested shorting 4 days ago, an obvious trap to bring in weak pattern traders (daily chart below).
The last few days have shown a pre-breakout structure and squeeze that manifested into a breakout just a few hours ago, confirming the breakout structure, hinting the line of least resistance is up.
Our Trade Idea: Using the 4hr chart below, I’ll look to take a with trend setup on a corrective pullback into the prior resistance turned support (a role reversal level) around 102.35/45. Stops will be below the rising 20 ema. Upside targets will be 103, gunning for a break of this level targeting 104.45.
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