Day trading strategies on future CRUDE OIL 8-07-2016 by AzaForex forex broker, crude oil inventory

Learn what you need to be a top crude oil trader.
After a long period of growth the price of Oil came in sideways movement. The global situation on the futures market does not inspire much optimism to investors. The graph clearly shows that the direction of movement of the price of a futures contract oil begins to decline. Price of oil passed the local level of support of 45.6 and stopped at this level. This gives us food to think about, why the level of support suddenly turned into a resistance level? Most likely, the bears have a certain advantage in their orders and opened short positions. This situation gives us a chance to  capitalize on short movement if the price continues downward trend down and held the support level 44.80. The nearest support level is more than 100 items to reach, so it will be possible to consider the medium-term trading, taking into account coming holidays and closure of markets. If our position will not reach the target until the end of the trading session, we will move the position for the next week, and depending on the situation on the commodity exchanges revise our trading strategy, down to increase the amount of take profit.
 
 
The price is below a simple moving average 200 MA  indicating bearish trend.
If the support level is broken you can use the following recommendation:
•             Chart timeframe: H4
•             The trade recommendation: Sell
•             The level of entry into short position 44.80
•             The level of profit and close the position: 43.20 (140 pips)
 
 
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2790
 
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.1020
 
Forex currency pair USDJPY
Possible bearish movement in the breakdown of the support level 100.15
 
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 0.9800