Trade Recommendation: Crude Oil

The price dropped to a possible support zone formed by the uptrend line and 55.00 support level. The price can bounce from this zone and move upward to SMA50 and SMA100. But the market also gives us a flag chart pattern at this support zone. It can be a signal that the market is going to move lower. If the price breaks the support line of the flag, this pattern will be realized as a continuation one. We can place pending orders for sell below the previous low at 54.80 level. Stop orders must be placed at 55.30 level. Profit targets are 54.00 and 52.50 levels. Don’t risk more than 3% from your deposit in this trade.

Market: Crude Oil (WTI)
Sell: 54.80
Stop: 55.30
Profit Targets: 54.00 and 52.50

Disclaimer: The analyst does not have investments in Crude Oil.

 

 

 

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.