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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.
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