On April 26th, I wrote about a bearish reversal pattern on WTI. In fact, there were two reasons to take a relatively bearish stance on crude oil this week. The first was the bearish rejection candle on the weekly time frame. That pattern was also a rejection candle from the 64.00 region. The second reason was the daily and weekly close below rising wedge support. WTI crude oil broke above this wedge in early April. However, as is often the case, the topside break of an ascending pattern didn’t last. Then on Tuesday I pointed out the bearish pin bar below the resistance area between 63.60 and 64.50. Crude oil spent ... (full story)