Interesting price action worth highlighting this morning as we had the typical overnight melt up until around midnight where a seller took the price under 94 from 94.25. The price recovered then failed again as the morning approached.
Once the floor session of CL opened @ 9 am ET the price failed 94 like a knife through butter all the way down to 93. What is interesting about 93 was it was the pivot Friday.
Notice what happend today, 93 traded then a few stops a few pennies below 93 were triggered then a 60c bounce into Friday afternoon right shoulder of the inverse H&S. The arrows show the pivot.
Updated 5 minute showing the squeeze into the close below – If you played the 93 pivot you were rewarded
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