WTI Oil – Strong Daily Close Above Role Reversal Level | Jan 14

WTI Oil – 2nd Bull Close, Breaks Above Key Role Reversal Level (1hr chart)
Yesterday in our members trade setups commentary, we talked about the solid bull close for WTI oil. Today that was met with follow up buying in greater strength. In the process, the commodity punched above the key role reversal level at 47 with force.

For now, ST price action is clearly bullish, so we should expect a test of the range resistance around 49 where some bulls ST will likely take some profit and some offers potentially entering.

If this level fails to hold the price action, then we are likely seeing a short squeeze and most solid challenge to the medium term bear trend. If however bears hold the line here and create an impulsive push back, then we should expect a move towards 47.


In today’s member trade setups commentary, we cover EURUSD, GBPUSD, GBPJPY, USDCAD, USDJPY, DJ, ES & NikkeiClick here to become a member.

Read my latest article A Trading Mindset – Books to Give You A Mental Edge.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

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.

Related Article