Crude Oil stuck below 50% retracement hurdle – What to expect?
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...
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Last updated: Friday, September 7, 2018
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
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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.
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