A slight bullish trend in crude oil – Is it right time to go long?
Arslan Butt•Monday, September 3, 2018•1 min read
On Monday, crude oil continues to trade bullish as the top oil exporter Saudi Arabia is expected to keep prices that it sells to Asia largely unchanged in October from the previous month. Whereas, oil is supported by concerns that dropping Iranian output will crush markets once U.S. sanctions strike from November.
WTI Crude Oil – 120 Min Chart
The technical side of the market is bit bullish. Crude oil is holding in an oversold region. The series of doji and spinning top candlestick patterns are suggesting a potential for bullish retracement.
But it will depend upon $69.50 (38.2% Fibo level). Above this, the market can go after $70.35 and $71.20. The bearish breakout of $69.50 can extend sell-off until $69.15. All the best and trade with care…
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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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