{"id":13677,"date":"2010-10-05T08:44:23","date_gmt":"2010-10-05T12:44:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13677"},"modified":"2010-10-05T08:44:23","modified_gmt":"2010-10-05T12:44:23","slug":"spot-crude-oil-breakout-trade-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/10\/05\/spot-crude-oil-breakout-trade-2\/","title":{"rendered":"Spot Crude Oil Breakout Trade"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Spot crude oil has shown a propensity to range trade between  Fibonacci levels but a recent rally may have momentum behind it to break  the sideways movement.<\/p>\n<p>Since the end of May spot crude oil  prices have moved in trading ranges between the Fibonacci levels from  the May high at 87.12,  unable to breakout into a defined trend in  either direction.<\/p>\n<p>A recent sharp appreciation in the price may have the ability to  carry the price of spot crude oil past a significant resistance level  into a breakout play. The resistance level lies in a range between the  76.4% Fibonacci level at 82.40 and the August high of $83 (R1). Should  the price make a close above this level, the next target for spot crude  oil would rest at the May high near $87 (R2).<\/p>\n<p>Traders should be patient and wait for confirmation of the breakout  before initiating a long position. A protective stop should be placed  near the support of $80 to defend against a false breakout.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/10\/Oil.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/10\/Oil.JPG\" alt=\"\" width=\"592\" height=\"697\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                        may     not    be          suitable     for     all                     investors.            There       is   a                                    possibility              that                  you        could                   sustain a    loss          of   all      of            your                                investment  and                            therefore    you                    should      not               invest                money      that        you                     cannot             afford to                    lose.   You                   should        be            aware       of             all        the          risks                        associated         with               Foreign               Exchange                     trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Spot crude oil has shown a propensity to range trade between Fibonacci levels but a recent rally may have momentum behind it to break the sideways movement. Since the end of May spot crude oil prices have moved in trading ranges between the Fibonacci levels from the May high at 87.12, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/10\/05\/spot-crude-oil-breakout-trade-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Breakout Trade&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13677","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=13677"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}