Iran’s sanction supporting the Crude Oil – Are you ready for buying trade?

Crude oil prices fell in early Asian trading on concerns that the United States is ready to force additional tariffs on China, outweighing..


Crude oil prices fell in early Asian trading on concerns that the United States is ready to force additional tariffs on China, outweighing supply fears from upcoming sanctions on Iran. Refiners in India, Iran’s second-biggest crude buyer will cut their monthly crude fillings from Iran for September and October by almost half from earlier this year.

Considering this, we have opened a buying position in crude oil. The WTI has a 50- periods EMA bullish crossover on the hourly timeframes. The crossover is representing the buying sentiment of investors, therefore, we shared a forex trading signal to buy at $69.09 to target $69.40. The market is bit slow today and this position can be risky due to the sideways behavior of the market.

 

 

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
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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