A slight bullish trend in crude oil – Is it right time to go long?

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…