The battle station plugin dropped a bearish outside candle alert as we head into the NY session here for the US crude oil market (WTI)
Obviously oil has been a very bearish market for months now as it loses a lot of it’s value – you only want to be a seller unless you have a damn good reason to go against the established trend.
We’re still seeing lower highs being printed on the weekly, daily and now the 4 hour chart. The bearish outside candle that was flagged by my candlestick algorithm because it did form at a new swing high (because we aim to sell high).
As we move into the NY session we can expect activity on oil to pick up, as its most active hours are during the US session.
A break of the low could trigger the next down move into lower lows.