WTI Bear – Crude Oil has been ranging between 30, 40 and 50 USD. Having topped at 49 last week, the level was rejected by a shooting star pinbar on D1, also visible on lower timeframes. Fundamentals are all against a stronger appreciation of the commodity, therefore I expect a swing to the downsi

D1 The shooting star pinbar is visible on the D1 chart, ready for a swing down.

H4 On H4 also a nice long shadow has broken out of the Bollinger Bands 2 standard deviation, only to be rejected to the downside.

H1 On H1 another shooting star pinbar has formed inside the previous higher timeframe pinbar.

M30 It's also interesting to note how on M30 the rejection take the shape of an ideally formed engulfing pattern.

M15 Beautiful engulfing also on M15.

WTI-USDCAD correlation Since WTi and USDCAD look nicely correlated, I will try to find an entry to trade the pair USDCAD. Please look at my next post "160826fr 1700EST USDCAD New York Close Analysis" for my analysis of USDCAD.

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