WTI Crude Oil Completes 50% Retracement – Do We Have A Sell Entry Here?
This morning, in the Asian trading sessions, we shared a Forex Trading Signal on the Crude Oil, which ultimately closed at a take profit level of $50.20. This turned out to be exactly the high of today and the market reversed right after closing our trade.
Major Reason Behind Our Buying Position
The trade idea was purely based on technical analysis. Looking at the 30-minute timeframe, crude oil had a crossover in the RSI (above 50) which was the first indication of a buying trend. Secondly, the WTI crude oil broke above a major 38.2% Fibonacci retracement level of $49.80. Thus, we decided to enter a buy position with a target $50.20, the 50% Fibonacci retracement level.
WTI Crude Oil – Hourly Chart
The bullish momentum in the oil prices was supported by the meeting between OPEC and non-OPEC producers, who proposed to extend the current production cuts for the next 6 months.
Forex Trading Signal
Investors are recommended to enter a sell position below $50.20, with a stop loss of $50.42 and a take profit at $49.65.
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