Sell Limit On WTI Crude Oil - Forex News by FX Leaders

Sell Limit On WTI Crude Oil

Posted Tuesday, August 8, 2017 by
Arslan Butt • 1 min read

It's been five consecutive trading days that the crude oil is trading line with our previous forecast. It hasn't made any major changes to previous technical outlook. But, I think got something to trade today. Take a look…

Crude Oil - 2 Hours - Triangle PatternCrude Oil – 2 Hours – Triangle Pattern

– Seeing the technical side, Oil has formed a descending triangle pattern on the 4 Hour timeframe, which now seems to give us an upward breakout at $49.40. So, technically the oil should make an upward move until $50 & $50.35.

– In addition to this, the Crude Oil is trading above the 50- periods EMA while having a support at $48.85.

– Stochastic is trading at 77, keeping an upward momentum and soon will enter the overbought region 80. In this case, we may experience sellers enter the market.

Crude Oil Trading Plan

I wanted to buy crude oil for $50, we are already late and stop loss is going to be bit higher. Therefore, I'm eyeing $50/50.30 to enter a sell position with a stop loss above $50.50 and take profit at $49.50.

Good luck and trade with care!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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