Key Technical Area to Buy WTI Crude Oil Today
Arslan Butt • 1 min read
So far, the Crude Oil is trading exactly as our long term forecast predicted. Remember, I mentioned in my earlier update to stay in sell below $50.30, earning us some nice profits.?
Key Technicals Points
– On the daily chart, oil has just completed 61.8% Fibonacci retracement at $47.25. That's the immediate support now.
– The 50- periods EMA is near $48.50, hinting that the oil prices are far away from their average prices & it should pull back to $48.50 zones.
– Stochastics is oversold at 18, and are providing a definite reason for sellers to stay out of the market until they have a solid fundamental reason.
Crude Oil – 2 Hours Chart
WTI Crude Oil Trade Plan
The idea is to stay bullish below $47.25 in order to target $47.75 & $48. Be careful as the US retail sales & API data in the New York session may impact crude oil prices.?