September Crude oil remains weak. Although on August 21st, we saw a price spike. However, from a technical perspective, the rally was meaningless. This was proven in today’s price action - Crude Oil futures made a lower low today, and even more meaningful, Crude Oil futures closed below yesterday’s low. This is bearish from a technical standpoint.
The chart shown below is an image of September Crude Oil Futures, and is an excellent example of the reversal bar technique described here.
Shorting this market on the reversal bar would have resulted in nice profits in crude oil futures. Of course, this technique does not always work out as we hope, however with good risk management, the Reversal Bar technique is an excellent timing tool for futures trading.
Crude Oil Futures Reversal Bar
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