September WTI crude is trading right at the 62% Fibonacci macro-wave retracement. Given the reported builds in supply, it is tough to envision a scenario where $65.00 is not tested in the near future.
In the event that we see a sell-off in September crude later this week, a long trade from just above the 78% retracement is a good location to the bull. Here is the trade:
Entry: Buy $65.12
Stop Loss: $64.94
Profit Target: $65.30
Risk Vs Reward Ratio: 1/1
The proximity to the psyche level of $65.00 makes a bump north from $65.12 likely.
In the event that we see a sell-off in September crude later this week, a long trade from just above the 78% retracement is a good location to the bull. Here is the trade:
Entry: Buy $65.12
Stop Loss: $64.94
Profit Target: $65.30
Risk Vs Reward Ratio: 1/1
The proximity to the psyche level of $65.00 makes a bump north from $65.12 likely.
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