WTI Crude Oil Hit Take Profit at $63.35 - Buckle Up for Next Position! - Forex News by FX Leaders

WTI Crude Oil Hit Take Profit at $63.35 – Buckle Up for Next Position!

Posted Thursday, April 5, 2018 by
Arslan Butt • 1 min read

Crude Oil fell sharply below $68.65 after the EIA reported a surprise draw-down in crude stockpiles. Taking advantage of the oversold commodity, we managed to catch some quick pips. However, I’m looking to take another position on a retracement. Are you up for it?

WTI Crude Oil – Fundamental Review

As per the EIA report, Crude stocks fell last week as refineries lifted output, while gasoline stocks declined. Crude stocks sank by 4.6 million barrels in the last week compared with a forecast for an increase of 246K barrels.

WTI Crude Oil – Technical Outlook

Crude Oil is massively overbought and is likely to retrace back. You can see on the chart that Oil is facing an immediate support near $63.42 (23.6% Fibo) and $63 (38.2% Fibo).

WTI Crude Oil - 4 Hour Chart

WTI Crude Oil – 4 Hour Chart ​

Looking at the 4-hour chart, Crude Oil is facing a solid resistance near $63.70. The number of Doji and Spinning Top candles are signifying the potential for a bearish reversal. However, a break above $63.75 can lead price higher towards $64.25.

WTI Crude Oil – Trading Plan

Investors are suggested to keep a close eye on $63.70 to take a bearish entry. Whereas, buying will be preferred above $63.75. Stay tuned!

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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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