FxWirePro Call Review: WTI reaches target; partial profit bookings recommended

In an article published in July, named, “FxWirePro: Bulls target $56 per barrel for WTI on Saudi assurance; dissolve short positions, enter long positions” available at http://www.econotimes.com/FxWirePro-Bulls-target-56-per-barrel-for-WTI-on-Saudi-assurance-dissolve-short-positions-enter-long-positions-821064  we urged our readers to go long in WTI. Here are some key points from that piece, “We would like to recommend profit bookings on the short positions recommended by FxWirePro around $49 per barrel back in May after the OPEC agreement. While WTI had reached our interim target of $42 per barrel, it looks like that it will not be reaching our final target of $38 per barrel in the current run.

While the bearish pressure that began back in 2014 riding on supply glut has not diminished completely, there lie opportunities on the bullish side at least in the short-term.

With a change in short-term outlook, we would like to recommend entering long positions at the current price of $48.4 per barrel and at dips around $47 and $46.5 per barrel, with a stop loss around $42 per barrel and with an initial target around $56 per barrel.”

This week, WTI has reached our stipulated target of $56 and beyond. WTI is currently trading at $57.3 and we would like to recommend profit bookings in the tune of 75-80 percent. Despite the ongoing bullish momentum, we at FxWirePro, would not extend the target further and recommend profit bookings

We recommend keeping 20-25 percent of the positions to benefit from the ongoing momentum. We might re-enter bull positions at a later time as the risk of a correction is looming large.