I’d say that crude oil shot its wad during the Sunday-Monday session. All the good news that crude could have enjoyed came out:
- OPEC agreement, the first in 8 years;
- Non-OPEC nations agreement, the first in well over a decade;
- Saudi Arabia announcing it would cut even farther than already pledged
Thus, crude oil spiked huge………..and then faded all day. The tremendous green “shadow” on that candlestick is like a spike through the hearts of crude oil traders dreaming of the stuff going to the 60s. This is a failed bullish breakout par excellence.
