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

Posted Monday, September 17, 2018 by
Arslan Butt • 1 min read

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.

 

 

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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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