CRUDE OIL – Futures: Bullish Pin Bar Signal
Price Action: Price formed a Bullish Pin Bar Signal overnight.
Price moved higher from the recent Bullish Pin Bar Signal that had formed late last week (We did not consider trading this signal).
Price moved higher from within the range of the recent Bullish Tailed Bar Signal that had formed just above the $95.43 short-term support level over three weeks ago (We suggested trading the pullback to this signal in the May 1st, weekly newsletter and hopefully some traders got on board).
Potential Trade Idea 1: For more aggressive traders, we are considering buying on a retracement lower to within the range of the current Bullish Pin Bar Signal.
Potential Trade Idea 2: We are considering buying on a retracement lower whilst price remains above the recent Bullish Tailed Bar Signal that had formed just above the $95.43 short-term support level.
Price Action: Price formed a Bullish Pin Bar Signal overnight.
Price moved higher from the recent Bullish Pin Bar Signal that had formed late last week (We did not consider trading this signal).
Price moved higher from within the range of the recent Bullish Tailed Bar Signal that had formed just above the $95.43 short-term support level over three weeks ago (We suggested trading the pullback to this signal in the May 1st, weekly newsletter and hopefully some traders got on board).
Potential Trade Idea 1: For more aggressive traders, we are considering buying on a retracement lower to within the range of the current Bullish Pin Bar Signal.
Potential Trade Idea 2: We are considering buying on a retracement lower whilst price remains above the recent Bullish Tailed Bar Signal that had formed just above the $95.43 short-term support level.