The price of crude oil has been confined in an up-and-down trading range over the last 7 or so trading days between a low of $59.64 and a high near $61.45. Those levels are within swing levels on either extreme, keeping buyers and sellers in play but unsure of the next break and run.
That provides trader opportunities.
- Traders can use the extremes as low risk levels to lean against, or
- Traders can wait patiently for a break and run.
The recent move has been to the lower extreme today, putting pressure on the buyers to show up and stall the fall.
