4 Hour Outlook on WTI Crude Oil
Overall Oil is currently ranging. This is clearly seen on the daily chart. Here on the 4 hour chart I am seeing a potential short setup. We have a nice strong bearish move - breaking structure creating a potential supply zone. We have a possible pinbar at a level worth watching. However I am going to wait for price action signal to the downside within the supply zone I have highlighted in grey. Price has been retracing from this bearish move down, and currently showing us selling pressure. This can often times be manipulation and then quickly touching back into the supply zone before making the real move.
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