WTI Crude Oil Long Update: Time To Ring The Cash Register - Forex News by FX Leaders

WTI Crude Oil Long Update: Time To Ring The Cash Register

Posted Thursday, August 10, 2017 by
Shain Vernier • 1 min read

The September WTI crude oil futures long from earlier has performed well. If you haven’t rung the cash register yet on this short-term trade, take the profits and move on.

Participation and heavy volumes from the key Fibonacci number drove trade north and validated our counter trend entry level of $48.60-$48.51.

Here is the minute by minute breakdown:

CL 1 MinuteSeptember WTI Crude Oil 1 Minute Chart

Immediate buying upon our initial test under $48.60 was the key. The bulls protected the Fibonacci level and we capitalized upon their efforts.

Trading crude oil futures during periods of such heavy volume can be fast and furious. Staying focussed and within the parameters of your trading plan is a crucial part of achieving success in the marketplace.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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