Crude Continues to Trade Choppy – Trade Plan
On Thursday, crude oil prices trade lower at $64, down from $64.85. The oil market is pressed by the EIA stockpile storage plan. The US crude inventories mounted to their highest levels in roughly 17 months amid record output. While the GDP growth from the world’s biggest consumer also contributes to an additional bullish bias.
The Energy Information Administration on Wednesday reported that US crude supplies fell by 1.4 million barrels for the week ending April 12.
The technical side of the market remains unchanged as oil continues to trade in line with our forecasts. WTI crude oil is facing strong support above $63.85 along with resistance at $64.75. It’s a small trading range and may help us secure a good trade today.
Support Resistance
63.66 64.72
63.13 65.25
62.06 66.32
Key Trading Level: 64.19
I’m looking to stay bearish below $63.85 with a stop loss above $64.35 and take profit around $63. On the upper side, we can also set a buy stop somewhere around $64.75 to target $65.35.
Good Luck!
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