We have been watching for a Price action signal on the US oil chart for some time as we approach this Key level.

Obviously it’s going to go one of 2 ways here – either we are going to get a bounce of the 42.00 level or we are going to slice through it.

So what should we do?

Well the 4 hour chart has produced a small protruding pin bar, so some may have taken a long position based purely on that price action signal and will have a reasonably tight stop. However, due to the momentum of this downtrend, it may be a safer option to see if there are any price action signals on the daily chart as the greater magnitude of the daily time frame gives us a more reliable picture of the market.

Below is the 4 hour pin bar, Scroll down for the US Oil daily chart.

Below is the US Oil daily chart:

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We may get a 2 bar reversal off this current 42.00 level or a Bullish engulfing bar.  Alternatively, if we break through this level, which has acted as support in the past, we could see a re-test of the 42.00 level as price pulls back up towards what would become a resistance level before heading south again.

It will be an interesting watch over the next few days as the price action story unfolds.

Anyway, as always, make your own trading decisions and the very best of luck.