Crude Oil Futures Analysis- 02Oct2020

WTI Crude Oil Futures fell about -5% intraday but recovered to about -3% by end of day. And their correction has restarted today, and they are down about -4.65% currently. The short term trend is down, but its looking due for reversal.

The setup becomes weak below $40 per barrel, and the same weakness is playing out again. However, $35-36 are strong support levels and they are unlikely to break, so the current weakness can be used for buying with $36 as stop loss. We can expect a retest of $38-39 levels in the coming week, so those can be the targets. Summary of the trade setup for Crude Oil Traders: Aim to stay long above $36 for target $39.

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