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Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Potential Trade Idea: CRUDE OIL – Massive Fakey + Pin Bar Combo Sell Signal, Likely To Send Prices Lower – May 14th, 2019
All charts illustrated are daily charts unless marked otherwise.
Relevant Key Levels: Resistance $66.60 and $63.40 Support: $60.30, $58.00, $54.50, $51.20
Price Action: We said in our last update ” Also watch for a bearish fakey sell signal if prices false break higher from the inside bar structure and then collapse back down.”
That scenario has unfolded and we now see a giant pin bar sell signal + a fakey pattern form overnight.
Current Notes: A break back below $60.30 support, will likely trigger a quick collapse towards $58.00 or even lower towards $54.50
Trade Idea: We will consider being a seller from the current bearish pin bar + fakey signal / or sell short if prices break below $60.30 support, targeting $58.00 and $54.50.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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