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Identifying critical levels to trade in crude oil
- Crude oil Support and Resistance levels: These are levels at which the price of crude oil tends to stop falling or rising, respectively. Traders use charts to identify these levels and make trading decisions based on them.
- Crude oil Fibonacci levels: Fibonacci retracement levels are calculated based on a mathematical sequence and can be used to identify potential support and resistance levels in the market. Traders often use these levels with other tools to find important levels in the market.
- Crude oil Moving Averages: Moving averages are used to identify the overall trend of the market and can also act as support and resistance levels. Traders often look at the 50-day, 100-day, and 200-day moving averages to identify important levels in the market.
- Crude oil Round Numbers: Round numbers like 50, 60, and 70 are important levels because traders pay attention to them and they can act as psychological support and resistance levels in the market.
Note:
It’s important to remember that these levels are not always exact and can change depending on various factors. Traders should use a combination of technical and fundamental analysis to make informed trading decisions.
Crude Oil Trading Tips for Today
Crude oil is one of the most sought commodities in the commodity market.
While trading in crude oil, traders has to rely on economic indicators and indices to take an investment decision.
These economic indicators are the sign that guides the traders as to which position they should take to make the profit in the market.
The crude oil traders should take into consideration the global economic outlook to take the advantageous position.
Crude oil has a unique standing in the world’s economic and political systems; therefore, it offers high liquidity and excellent opportunities to make a profit in almost all the market conditions.
The reasons most of the traders failed to take full advantage of crude oil fluctuations is either they are ignorant of the hidden pitfalls that erode earnings or because they fail to understand the unique characteristics of this market.
The following tips is of benefit to both the investors and the traders in the crude oil market to earn some extra profit.
Learn about the factors that move the crude oil
The demand and supply of the commodity is the prime factor that leads to the movement in the commodity market. The movement in the price of the crude oil also gets affected by the global output and the economic prosperity globally.
Oversupply of the commodity and its thin demand urges the traders to sell the commodity and push the crude oil to the lower ground.
Increase in demand with flat production creates the bull market for the crude oil, and it encourages the traders to bid, and there is a positive uptrend in the market.
When the positive elements converge, the powerful uptrend emerges. Similarly, the convergence of the negative elements creates the equally powerful downtrend.
So the traders should be able to judge the market and read the trend before taking positions to make a profit in the market.
Know how correlation works
Two things are said to be correlated when they move in the same or opposite direction.
Crude oil has a strong negative correlation with US Dollar and a strong positive correlation with the Stock market.
A negative correlation means that both the commodity moves in opposite direction. It is observed that strong US Dollar put pressure on crude oil and it falls. Conversely, the lower Dollar value helps and support the surge in oil price.
The crude oil is also positively correlated to the stock market. A growing economy and the positive trend in stock market supports the higher oil prices.
However, a trader needs to be cautious because if oil price moves high, it can slow down the economy. At this point, the stock market and oil price tend to move in the opposite direction.
Trading after reading the technical’s:
Crude oil is one of the favourite markets for the day traders and it provide ample opportunities to make consistent profit in the commodity market.
The crude oil market reacts pretty well to the pivot points and also to the support and resistance level.
Traders should never try to trade without stop loss as the commodity tends to make soft runs at any given point in time.
Enter the markets when volumes are high
For day traders in any market, volumes play an important role. Therefore, in crude oil market too, a trader should enter when the volumes are high. High volumes make it easy to liquidate or to square off of the open position which is difficult on low volumes.
Day Traders should keep the following points in mind to earn consistent profit on a daily basis:
- Trade Prime Time: The day trader in crude oil should try to take position in the beginning session of the market as the volumes are mostly high during this time resulting in big moves as compared to the later session.
- Set practical and feasible goals: To earn consistent profits it is important to have realistic and achievable goals.
- Emotional Discipline and Money Management: For day traders emotional discipline is of utmost importance. If they are not able to control their emotions in panic and greed situation they will lose in all the scenario whether a bull or bear run. To have strict emotional discipline one should have proper strategy and knowledge to know where to enter and where to exit.
Similarly, day trader should know the art of managing cash and maintaining liquidity to take the position that is advantageous to them. Cash requirement changes daily in stock market so knowing this art beforehand will be beneficial to the day traders.
Crude oil markets are highly specialized, and in order to earn a consistent profit by trading, a trader needs to have a specific skill set and a good understanding of these factors:
- What leads to the movement of the crude oil prices
- The historical price movement
- Technicals
- Correlation of the crude oil and Dollar and Stock Market
- Learning how to play on volumes
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