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

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

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

• Last updated: Wednesday, September 5, 2018

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:

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.
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 See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.