Thursday, August 4, 2016

Price Action Trading The Pennant Range Fake Break On Crude Oil Futures;

We came in today to find Crude Oil moving into a range after a nice drop off the highs on the bear trend. This transition will likely have had sellers looking to continue scaling in but buyers were not letting them push very far down before coming back in.

With sellers losing grip at support along with monthly support we moved into a pennant formation which price broke higher out of leading into a gorgeous drive right back up towards the highs again!

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