FXLeaders
Long

Possible Long From Support In August WTI Crude (CL)

NYMEX:CLQ2018   CRUDE OIL FUTURES (AUG 2018)
If there has been such a large one week draw on supply, then why are WTI prices heading south? The big reason is news out of Saudi Arabia. Production for June spiked significantly, upwards of 500,000 barrels per day. Traders have latched on to this piece of news, predicting a glut of oil to hit the market in coming months.

As a result, we may get a shot to take a long from support on the daily time frame. Here it is:

1)Entry: Buy $70.91
2)Stop Loss: $70.44
3)Profit Target: $71.38
4)Risk Vs Reward Ratio: 1/1

This trade is a bit of a home run, as the stop loss is considerable. Keep a close eye on your leverage. The time table for this play is extensive, so it will stay on the board until the Friday close.

Comments

gud one, whats next?
Reply
FXLeaders judejames
@judejames,

Tough trade, no doubt about it. Big winner today in the USD/CHF, looking to play rotation next week in the WTI market between $70-75. Stay tuned.
Reply
judejames FXLeaders
@FXLeaders, nice.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out