WTI trading signals hit take profit – Here’s my buy limit! - Forex News by FX Leaders

WTI trading signals hit take profit – Here’s my buy limit!

Posted Wednesday, September 5, 2018 by
Arslan Butt • 1 min read

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!

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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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