Crude Oil Signal Floating in 35 Green Pips – What’s the Next Plan? - Forex News by FX Leaders

Crude Oil Signal Floating in 35 Green Pips – What’s the Next Plan?

Posted Wednesday, September 6, 2017 by
Arslan Butt • 1 min read

Yesterday I opened a forex trade signal to sell at $48.85 and target $48.05. As of now, the signal is doing an excellent job and floating in 35 pips profit. Here is the plan for today.

Technicals Outlook

Yesterday, on the breakage of solid resistance $47.60, as over the preceding 24 hours the crude market has shown an additional movement towards normalization as the influence of Hurricane Harvey evaporates.

Crude Oil - 2- Hour Chart - Fibonacci RetracementCrude Oil – 2- Hour Chart – Fibonacci Retracement

In response, the Crude Oil broke above the bearish trend line resistance at $47.70. If you remember, that's the same level where I recommended to enter a trade in my last analysis report.

Anyway, Oil has completed $23.6 Fibonacci retracement at $48.50, and it's expected to go for 38.2% at $48.30. Below this, Oil can go for $48.05 and that's where my take profit is.

Crude Oil Trading Plan

Investors who entered the market at $48.85 are advised to take partial profits now at $48.50, and move their stops to break even ($48.85) and target $48.05 today.  Taking another sell position here won't be rational, as the market is holding into a consolidation phase. Good luck fellows and keep following for updates!

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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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