Trading signal on crude oil hits take profit – Here’s next sell limit
Arslan Butt•Monday, August 20, 2018•1 min read
Earlier during the Asian session, crude oil prices dipped as concerns over slowing economic growth weighed on markets. One of the major reasons is the disappointing industrial data out of China along with concerns over emerging market economies centered on Turkey weighed on commodities.
As you can see in the 2-hour chart, crude oil has invaded the horizontal resistance level of $65.55. The same resistance level worked as a support and we got our profit on the buying side. For the moment, crude oil has an immediate resistance near $66.45. Below this level, crude oil can go after 65.55 and that’s where I’m looking to place my sell limit.
All the best and stay tuned to our forex trading signals for quick updates.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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Yes, $66.45 is intraday resistance level…And in weekly chart, $67.05 is resistance and $63 is support level…So weekly trend is bearish and intraday trend is again indecisive…