Crude Oil hit Target 1 yesterday

Crude Oil, 240 min

I wrote  about hedge funds doubling their short term bets in oil and said: Market is trending lower which is a reason to look for low risk selling opportunities. Potential short entry levels are: 29.94, 30.72 and an area at 31.42-32.10. We are interested in shorts if market hits these levels and provides us with sell signals.  The market being in the downtrend it makes sense to have both a short term target (Target 1) and a target that is a bit further away. My targets for WTI crude are: Target 1: 28.88 and Target 2: 25.20

Market rallied to $29.94 and gave us a sell signal yesterday during the European session. The T1 at $28.88 was hit three hours later while the T2 at 25.20 is still a valid target.

Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.

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