WTI Crude Oil Oversold – Let’s Catch Retracement

WTI crude oil broke out of the sideways range of $75.35 - $75.77 to reach to rising to levels not seen since November 2014. It's all...


WTI crude oil broke out of the sideways range of $75.35 – $75.77 to reach rising levels not seen since November 2014. It’s all because of the same sentiments we were discussing before.

The U.S. sanctions on Iran loom and a North American trade deal fosters the bullish bias for crude oil.

For the moment, crude oil is trading at $75.25, just crossing below 20 periods EMA. Since the market is overbought, we can expect further correction until 23.6% (75.07) and 38.2% (76.65) retracement levels.

Crude Oil – Trade Idea

The idea is to take a sell position below $75.30 with a stop loss above $75.55 and take profit at $75 and $74.65. All the best!

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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