Crude Oil stuck below 50% retracement hurdle – What to expect?

Posted Friday, September 7, 2018 by
Arslan Butt • 1 min read

Oil prices are steady below $68 since the Asian session as the WTI has already completed 50% retracement. As you can see on the hourly chart, crude oil is forming doji and spinning top candles which are signifying that traders are confused about the next movement.

Anyways, here’s a plan. The violation of $68 can lead the oil prices towards $68.25 and $68.55. So, I will be looking to capture a quick trade for 25/40 pips. On the other hand, I will open a sell position below $67.70.

Support  Resistance
66.77       68.77
65.8        69.81
63.8       71.82
Key Trading Level: 67.81

 

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About the author

Arslan Butt is our 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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