Oil Slips After Trump Pressed OPEC – is it Time to go Long? - Forex News by FX Leaders
There will come a time when the price of crude Oil will spill down

Oil Slips After Trump Pressed OPEC – is it Time to go Long?

Posted Monday, April 29, 2019 by
Arslan Butt • 1 min read

Earlier during the Asian session, WTI crude oil fell dramatically, extending Friday’s decline that halted a weeks’ long rally. Most of the bearish trend was triggered after the US President Donald Trump asked that OPEC members boost production to diminish the impact of US sanctions against Iran.

The news triggered a massive sell-off in crude oil as the oil prices fell from $66.20 area to $62. The technical side of the market is now suggesting a bullish setup.

Let’s take a look at the 3-hour chart – the RSI and Stochastics are holding below 20, suggesting a potential bullish retracement.

The series of doji and test bar candles are demonstrating the bullish bias of traders. Therefore, crude oil is likely to gain support above $62.50. It has the potential to retrace back until 23.6% level of around $63.40 and 38.2% Fibo levels of about $64.

WTI Crude Oil – Trade Signal
We have opened a buying position above $63.10 with a stop loss below $62.75 and take profit of around $63.45.

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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