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.