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.
Hello Folks, how are you doing? Here is our latest US Market Report covering S&P500 futures, Nasdaq100 futures, and Crude Oil futures. The report includes Support and Resistance levels and our trading strategy for each of them.
This report has just been published and we are sharing it with Investors and Traders in our network. We hope you find it useful. Thanks.