Crude Oil Forecast and Trade Plan
- Growing US- Iran tensions may support crude oil prices. In reality, Iran cannot block the Strait of Hormuz but this rhetoric still affects the market through speculative spikes and drops.
- On the other side, the API report shows the decline on the inventories.
- The market has also been supported by a report from the International Monetary Fund about skyrocketing inflation in Venezuela, limiting its ability to boost oil output – Reuters –
Crude Oil is trying to break above EMA 50 on the H4 Chart. It is above MA 200 on the H1 Chart. If Crude Oil makes an H1 Closing above 69.00, it will the indicator of the a new Bullish Move.
So Our Trade Setup is :
ENTRY: 69.00 ( Wait for a hourly closing above 69.00)
TARGET 1: 70.80
TARGET 2: 72.40
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an 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