Fibonacci Long For October WTI Crude Oil Futures

With the API and EIA inventories reports rapidly approaching, it looks like energy bulls are happy on the sidelines. In the event that we see a further pullback in October WTI futures, then a long from daily Fibonacci support will come into play.

The trade:

1)Entry: Buy $67.26
2)Stop Loss: $66.99
3) Profit Target: $67.53
4) Risk Vs Return: 1/1

It is anyone’s guess what the inventories reports will bring. However, if given the opportunity, a short-term position from the $67.25 handle is good trade location to the long.