WTI oil may push higher

WTI oil may push higher

Trade idea

BUY 58.40; TP 59.60; SL 58.00

It looks like there’s a nice trade setup in WTI oil. The price rebounded from the 100-day MA in the 54.50 area last week and managed to push and close above 58.00 yesterday. Currently, the commodity is testing the 100-week MA at 58.35. A break of this level will open the way up to 59.60 (channel’s resistance, 50% Fibo of the 2018 decline). The longer-term picture is positive and the 50-day MA is about to rise above the 100-day one, so the buy trade has its solid logical foundations.

Notice that if you want to trade WTI, choose WTI-19J or WTI-19K in your MetaTrader (File - CFD Futures).

WTI.png

oil

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