Crude Oil stuck below 50% retracement hurdle – What to expect?
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.
Key Trading Level: 67.81