Crude Oil – SELL LIMIT – Wednesday 11th December

Crude Oil – SELL LIMIT – Wednesday 11th December (Closed)

Wednesday 11th December

Crude Oil is approaching a major resistance zone.

Over the last week OPEC have suggested they will continue further oil supply cuts going into the lat 2020s.

This has given crude oil prices a lift towards the $60 per barrel mark.

Currently Crude Oil is trading between an ascending wedge and is approaching a number of descending trend lines.

Crude Oil is also trading between an ascending channel and is currently positioned at the top of the channel. This also suggests we could see a move lower.

Trade Set Up : Crude Oil SELL LIMIT (Code on MT5 xtiusd) entry price is 59.50, stop loss set at 61.20, take profit 56.00

Trade Setup
Crude Oil (XTIUSD) SELL LIMIT

Entry
59.50

Take Profit
56.00

Stop Loss
61.20