Can Crude Oil Stay Above 50- Periods EMA? - Forex News by FX Leaders

Can Crude Oil Stay Above 50- Periods EMA?

Posted Monday, December 4, 2017 by
Arslan Butt • 1 min read

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 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!

 
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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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