A strong rejection of the 127% extension and 200dma.

As the market was believing that the move above the $75.00 level was a “breakout” the crude market hit the 127% extension and 200dma last week at the $77.27 level, we forged a “dark cloud cover” candlestick formation and is closing back in the old range. A break of the $74.00 level may open up a move back to the 50dma at $71.60.

Blake Morrow

Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.

Steve Voulgaridis