Key Technical Area to Buy WTI Crude Oil Today - Forex News by FX Leaders

Key Technical Area to Buy WTI Crude Oil Today

Posted Tuesday, August 15, 2017 by
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

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.?

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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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