Monday, May 23, 2016

Market Psychology Of A Range Breakout On Crude Oil Futures;

We open up on Crude Oil with a HUGE gap lower meaning sellers will likely take some profit on their shorts from Friday causing a little bounce but when the bounce showed up and we should have seen bulls take over, they didn't -- BIG clue that sellers were not done yet.

Selling into the move knowing sellers want more out of it is exactly what we needed when it turned into a range. Now we look to fade moves assuming they fail... that is, until we get a gargantuan breakout candle like we saw today! 

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