Crude oil hits take profit – What’s next?

It has been a nice trade on crude oil as our forex trading signal helped us close like 42 pips. Recalling our earlier update Crude oil going


It has been a nice trade on crude oil as our forex trading signal helped us close like 42 pips. Recalling our earlier update Crude oil going nowhere, can API report help it? Oil just had a breakout and it has already achieved $71.20.

Crude Oil - 2 Hour Chart

Crude Oil – 2 Hour Chart

For now, I would like to wait for a retracement until $70.75 to take another bullish signal. The closing of bullish engulfing candles is suggesting that the buying power is very strong and crude oil may continue moving into the bullish direction. Thus, the violation of $71.20 can lead oil prices towards $71.60. Good luck!

ABOUT THE AUTHOR See More
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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