Going Long August WTI Crude Oil From 38% Retracement
A bit earlier in the session, the EIA crude oil stocks report was released to the public. The data sent August WTI plunging, rapidly sliding over $1.00. Since then, volatility has calmed and price has posted a nice rebound.
In the event we see a further selloff by tomorrow's close, a long trade from the daily 38% Fibonacci level is a solid way to join the prevailing trend.
Here is the plan:
1)Entry: Buy $70.81, August Gold Futures
2)Stop Loss: $70.49
3)Profit Target: $71.13
4)Risk Vs Reward Ratio: 1/1
In the event we see a further selloff by tomorrow's close, a long trade from the daily 38% Fibonacci level is a solid way to join the prevailing trend.
Here is the plan:
1)Entry: Buy $70.81, August Gold Futures
2)Stop Loss: $70.49
3)Profit Target: $71.13
4)Risk Vs Reward Ratio: 1/1