Retracement In Crude Oil – Let’s Cash It!
Arslan Butt • 1 min read
The fundamental side of Crude Oil isn't offering anything exciting to trade. But, the technical side is forming a trade setup for us. Let's check this out.
WTI Crude Oil – Technical Outlook
While exporting the 4-hour chart of Crude Oil, I spotted the major support area at $55. That's exactly the same level where Crude Oil was facing resistance in the past. But for now, it's likely to work as a support.
For the moment, the Crude Oil is coming out of the oversold, and it's very likely to retrace back especially after the formation of several doji candles. The doji candles followed by sharp bearish trends signifies the potential for a reversal.
Crude Oil – 4 – Hour Chart
I just applied a Fibonacci retracement indicator on the 4- hour chart. The 23.6% retracement remains at $55.60 while 32.85% retracements stays at $56.04.
Crude Oil Trading Plan
I'm looking to stay bullish above $55 with a stop loss below $54.75 to target $55.60 and $56.05. Keep following us for further updates on it. Good luck!