Crude Oil Hits +100 Pips Profit – Get Ready for the Next Trade
Arslan Butt • 1 min read
In my previous update, I shared a Forex Trading signal which stayed in sell below $48.75 with a take profit of $47.75 & $47. Later it hit both of the targets to give us nearly 170 pips. Let's hope we can keep this profitable streak going!
As of now, the WTI Crude Oil has already reversed to cover half of its earlier losses and is now trading at 47.85. This is a good a point for sellers to dominate the market.
Crude Oil – Hourly Chart – Fibonacci
On the technical side, oil has completed 50% retracement on the 4-hour timeframe, which is extending a solid resistance at $48. Technically the oil should trade below this unless the API report shows higher than expected draws in crude oil inventories. In addition to this, the crude oil is trading above the 50- periods EMA while having a support at $47.75.
Stochastic is trading at 77, keeping an upward momentum and soon will enter the overbought region 80. In this case, we may see sellers entering the market.
Crude Oil Trading Plan
Today, I'm looking to stay in sell below $48 with a stop at $48.40 and a take profit at $47. My second sell entry will be around $48.75. Good luck.