Forex Analysis

How to trade WTI oil – FBS

WTI oil has reached our previous targets. On the W1, a big bullish candlestick engulfed the previous bearish one. If the price rises above 52.35, it will likely push up to 53.00 (23.6% Fibonacci retracement of the 2020 decline). The Awesome Oscillator on the D1 is bullish. On the H4, the price has managed to overcome the 100-period MA. As long as it’s trading above this line in the 51.80 area, the short-term uptrend will remain in place. Below 51.70, the price will be vulnerable for a correction to the 50.90 area.

Trade ideas for WTI oil

BUY 52.00; TP 53.00; SL 51.75

SELL 51.70; TP 50.95; SL 51.85

To trade WTI with FBS you need to choose WTI-20H in MT4.

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