Direct from the desk of Dane Williams.
Is anybody still trading Oil?
After the most recent OPEC dilemma, one of the most traded commodities seems to have dropped off the retail trading radar.
But as you can see on the WTI daily chart below, Oil is still follow technicals like the champ it is.
WTI Daily:
We had been watching Oil bouncing off resistance at the top of its range a few weeks ago, but if you missed that one, price just gave you a second chance.
A very nice rejection too if you look at the intraday price action on the hourly.
WTI Hourly:
Those stepping patterns are -chefs kiss
Best of probabilities to you,
Dane.
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Daily market analysis.