WTI Crude Oil Completes 61.8% Retracement – Is It Time To Go Long?

Crude Oil prices soared sharply as Saturday’s strikes on Syria marked the most important intervention by Western countries against Syrian President Bashar al-Assad and his ally Russia. Of course Russia is now facing additional economic sanctions over its role in the conflict. During the Asian and early European session, Oil dropped a bit and looks like we still have the chance to go long…

WTI Crude Oil – Fundamental Review

Crude Oil is still supported due to airstrikes on Syria. During the weekend, the US, France, and Britain drove 105 missiles, targeting what they said were 3 chemical weapons facilities in Syria. This came in response to the suspected poison gas attack in Douma during the previous week.

Russian President Vladimir Putin warned on the potential impact on international affairs caused by more Western strikes on the Asian country. US Ambassador to the UN world organization, Nikki Haley, remarked that the US would announce new economic sanctions on Monday on corporations dealing with equipment. Therefore, Crude Oil is still supported fundamentally. Let’s look at the technicals.

WTI Crude Oil – Technical Outlook

Crude Oil was massively overbought but has already completed 61.8% Fibonacci retracement at $66.05. It’s still trading above $66.05 and it’s likely to face resistance near $67 and $67.55. On the other hand, a break below this level can lead it towards $65.65 and $65.15. We should wait for US Retail Sales data, as the trend of the Greenback can signal about its next movement.

WTI Crude Oil – Hourly Chart

WTI Crude Oil – Trading Plan

Investors are suggested to keep a close eye on $66 as the market can remain bullish above it and bearish below it. I will be looking to target 50 Pips.

Stay tuned!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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