I returned from from my weekend trip later than expected tonight but in reviewing the charts, I really don’t see much worth highlighting that wasn’t already covered in the video as well as the other updates posted on Friday. Here’s the my daily chart of $WTIC (crude oil) as of Friday’s close showing the impulsive move back down below the key $50 level, which came immediately following the backtest of the recently broken bearish rising wedge pattern.
$WTIC daily June 10th close
All in all, textbook bearish technical developments in crude oil: Bearish rising wedge breakdown, failed breakout above the key $50 resistance level, successful backtest of the rising wedge pattern with impulsive selling which helps to validate the bull trap scenario. Also keep in mind that the failed breakout in crude coincided with (although not coincidentally IMO), with the false breakout/bull trap in the equity markets as crude & US stocks have traded nearly in lock-step throughout most of 2016.
As it’s late, I just wanted to get this chart out and also mention that crude futures are trading down fairly sharply (1.4%) right now which, unless those losses are reversed & then some by the open tomorrow, only further helps to confirm the bull trap scenario, likely opening the door to a continued move down to any or all of the following price targets ($WTIC): $46.88, 43.60 & 42.40.