Crude oil signal
A good day for our crude oil signals subscribers. We asked them to sell this commodity last week. We were holding this position since Friday. Today it cracked and achieved our target. Our subscribers carried position from last week and exited at our target. Here is our trade recommendation on oil which we gave to our subscribers.
Sell crude oil at 53.30$ with stoploss of 53.90$ for target of 52.70$.
It made low of 52.75$ we just exited with approx 55 pips profits. We juiced more than $500 profit per lot in this trade.
Its trading at 52.85$ now . A good support on daily technical chart stands at 52.30$ . If traders take this support out and manage to sustain trade beneath our support today. Then expect more pressure in crude oil prices upto 51.70$ – 51.20$ today. Market is trading in narrow range so trade with low qty . Do not trade without stop loss and bulk qty.
A good resistance on technical chart stands at 53.60$, If traders break this major hurdle and manage to sustain above our resistance. Then expect rise in oil prices upto 54.20$- 55$. If traders break 55$ and manage to close above our resistance. Then expect fresh buying upto 57$- 59$ in upcoming days.
Crude oil analysis conclusion: Market has entered in weak zone so we would advice sell on rise. Do not buy. Many traders are asking is it good time to buy for long term. Well answer is no. We are in negative territory. Once market enters in positive zone you may buy for medium term. But every trade comes with strict stop loss. Long term or medium term trade has wider stop loss so consider before entering any position in market.
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This posted is updated at June 27, 2018.