Trading signal on crude oil hits take profit – Here’s next sell limit

Posted Monday, August 20, 2018 by
Arslan Butt • 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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About the author

Arslan Butt is our 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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