Crude Oil reversal pattern in play [Video]

Olimpiu Tuns Learn 2 Trade

The US Oil dropped as much as 63.61 today, registering a new low. Still, the price action signaled exhausted sellers and a potential new leg higher. WTI extended its sell-off after the FOMC last night. Today, the ECB Press Conference, Monetary Policy Statement, and the Unemployment Claims should have a big impact on Crude Oil as well.

Technically, the rate registered a huge false breakdown with great separation below 66.11, 64.33, and below the median line (ml) signaling that the sell-off ended and that the buyers could take it higher. Still, after its rebound, the rate could come back to retest the demand zone from above 66.11 before really developing a leg higher.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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