Crude Continues to Trade Choppy – Trade Plan - Forex News by FX Leaders

Crude Continues to Trade Choppy – Trade Plan

Posted Thursday, April 18, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // 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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