Oil fell below $69 a barrel on Wednesday as a tropical storm hitting the U.S. Gulf coast weakened, offsetting support from forecasts of lower U.S. inventories and sanctions against Iran. Fortunately, we were able to jump into a selling trend to catch quick 30 pips. Crude oil is trading below $68.25, a strong resistance level.

At the moment, crude oil is still heading south, perhaps towards the horizontal support level of $68.35. We have two options:

1. Sell crude oil immediately at CMP of $68.75, but it’s gonna be an extremely aggressive decision as the risk to reward ratio will be bad.
2. We can place a buying limit at 68.35 to capture quick 30/40 pips.

I will go with the second option.

Good luck!