WTI falters around $70
Updated
Oil prices fell to a 15-month low as investors fretted over the potential for a financial meltdown. Whilst that is yet to fully materialise (or if it does at all), investors remain a little on edge - with news of the latest Hindenburg report accusing Block (SQ) of fraudulent activity not likely to quell fears.
WTI has manged to lift itself from its 15-month lows, yet volumes declined over this period to suggest the move was corrective. A bearish Pinbar also formed, which not only failed to test the $72.46 breakout level but also closed back below $70 and the December low. Also note that a bullish hammer has formed on the US dollar index (DXY).
- We're now waiting for a break of Wednesday's low to assume bearish continuation, with target zones made up of Fibonacci expansions and round numbers residing around $65 and $60 in focus.
- The bias remains bearish below $72.46, although yesterday's high can also be used if a tighter approach to risk management is preferred.
WTI has manged to lift itself from its 15-month lows, yet volumes declined over this period to suggest the move was corrective. A bearish Pinbar also formed, which not only failed to test the $72.46 breakout level but also closed back below $70 and the December low. Also note that a bullish hammer has formed on the US dollar index (DXY).
- We're now waiting for a break of Wednesday's low to assume bearish continuation, with target zones made up of Fibonacci expansions and round numbers residing around $65 and $60 in focus.
- The bias remains bearish below $72.46, although yesterday's high can also be used if a tighter approach to risk management is preferred.
Trade closed manually
We saw an initial move lower after the small Doji formed at resistance, yet bulls fought back to recoup losses on March 24th, leaving a bullish pinbar on the daily chart.
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