Supply came in on 3rd July, creating a Japanese candlestick pattern called Bearish Harami. As oil fails to break the US$80 resistance on 2nd occasion means that supply is beginning to dominate. Once supply overwhelmed, price will have the tendency to retest demand at previous support.
Traders who shorted would have gained US$3.00 (+3.9%) from the recognising change the increase in supply.
Join us on the next Wyckoff course and learn how to identify resistance failure and target pricing setting by recognise demand and supply imbalance, trading in harmony with the smart money!