Crude Oil Forecast And Trade Setup
- Latest bullish bull is supported by the fundamentals.
- We have entered a short trade and we reached our first target. I was expecting a deeper correction at 52.34 before the new bullish wave. However, it was limited with 70 pips.
- Although RSI is overbought On the H4 chart, there is still room upside in the daily chart.
- 54.60-54.80 is one of the key historical levels.
- The pullbacks seem to be limited by the levels: 52.34 and 51.56.
What can be done?
- 53.52 is the top of the session’s trading range. You can try short if the price reaches to 53.52 in this H4 Candlestick . Targets will be 53.13 52.93 and 52.73.
- Wait for the H1 closing below 53.13 targets 52.73 52.34 51.56
I will try to use pullback as buying opportunities targeting 54.60
Update: Crude closed below 53.13 ( February Contracts CL-FEB 19 – Spot FX Rate: 53.30)
Targets: 52.73 52.34 51.56 / 51.17 TUpdated
Update: Reached 51.17 We wait for the pullback to 52.15 to reenter short targets : 51.67 51.17 / 50.80
Update: We take profit at 51.67 and move SL to entry.
Trade Generated 250 pips so far. I will update soon.
You can view the setup: CRUDE OIL FORECAST
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
CRUDE OIL:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility