WTI Crude Oil Oversold – Let’s Catch Retracement

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!