Oil Indecisive - But Something Lies Behind

Monday May 22nd Plan

Friday Recap:

Crude Oil had an intraday high of 73.52 and a low of 71.14. Although price broke the 73.20 Wednesday high, the buying above the 73.25 resistance level ended up being useless and price dumped $2.38 instead.

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WTI 4 hour chart:

There is definitely some indecisive price action going on with Oil at the moment, since price has retested these upper levels (72.70 & 73.25) multiple times yet fails to break past, whilst simultaneously not selling off beyond the 70.00 level.

Price has been in a “falling wedge” structure for the past 3 weeks, so I don’t know how long we trade between this current range, but ultimately, price will either gap up to 76.05 or trend downwards.

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Trade Plan!

All of last week, price has actually trended upwards - take note as this may continue or break.

• Strong buying above 71.60, then long to the next resistances:

- 72.70 , 73.25 , 74.00 , 75.00

• Strong selling below 72.16 (daily pivot), short to the next supports:

- 71.60 , 70.90 , 69.75 , 68.75

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Thanks for making it this far, I hope to write to you again tomorrow.

Voila Trading