Trading plan for WTI Crude for March 30, 2020

Technical outlook:

WTI Crude has dropped below 20.00 levels today and is currently seen to be trading around 20.15/20 levels at this point in writing. The overall structure since 76.88 resistance might be complete on the downside and most traders would be surprised to witness a bullish reversal from here. The fibonacci extensions of the bearish boundary between 76.88 and 42.40 has been hit around the 20.80 levels as shown on the weekly chart here. Immediate resistance is seen at 65.62 levels, while interim support comes in around the 19.50/60 levels respectively. As WTI Crude hits major fibonacci extensions (acting as support), the commodity is expected to produce a bullish bounce from close to 20.10/20 levels, going forward. Also note that any bullish reversal should be sharp since prices have remained sideways over the last few trading sessions. A break above 25.00 would confirm that a meaningful low is in place around 20.00 levels.

Trading plan:

Remain long @ 20.10/20, stop below 18.00 target is open.

Good luck!

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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