Good afternoon, folks. The market remained calm during the Asian and European sessions but our forex trading signal on Nikkei managed to take our share of it. We just opened a forex trading signal in Oil. Take a look…

Quick Technical Review  

Technically, the Oil is trading in a bullish mode. Just look at the chart below, the Oil is trading above the 50- periods EMA. Remember, the Fibonacci trading levels we discussed in our earlier articles. Crude Oil has completed the 50% retracement at $56.94.

Crude Oil – 4- Hour Chart 

At the moment, Oil is consolidating in a wide trading range of $57 – $59. But what I'm focusing on is the 50- periods EMA support at $57.70. That can be a point of reversal for Oil now. Secondly, the Stochastics and RSI aren't in the overbought zone now.

WTI Crude Oil – Trading Plan

We shared a trading signal to stay bullish above $57.60 with a stop below $56.58 and a take profit of $58.785. Good luck!