Trading plan for WTI Crude for March 31, 2020

Technical outlook:

WTI Crude had dropped to 19.30 levels today during early hours of trade, before reversing sharply. It is seen to be trading around 21.20/30 levels at this point in writing and bulls remain poised to push further higher towards 22.00, before retracing lower again. Strong resistance is seen around the 25.00 levels and a break higher would confirm the reversal. As discussed yesterday and shown here, the fibonacci extensions of earlier drop between 76.88 and 42.40 has already been met around 20.90 levels, and at least a counter trend rally was due any moment. The recent low at 19.30 may remain as interim support, going further. Also note that a pin bar candlestick pattern is under way on the weekly chart, indicating a potential trend reversal. The retracement levels are highlighted here and fibonacci 0.382 is seen around 37.00 levels. A pullback rally might be materializing towards the above levels.

Trading plan:

Remain long stop @ 19.30 target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

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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