Crude oil hits take profit – What’s next? - Forex News by FX Leaders

Crude oil hits take profit – What’s next?

Posted Tuesday, September 4, 2018 by
Arslan Butt • 1 min read

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!

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About the author

Arslan Butt // 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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