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Divergence in the WTI, Bulls Awaited

Let's review what's going on in the market. If you recall from our report earlier today on the WTI, the crude oil continued to trade below $53.15, achieving the suggested target levels of  $53.3 and $52.57.



At the movement, we can see a major bullish trend line resistance at $52.75 in the 1-hour time frame. We can expect the WTI to pull back above this level to target the $53.20 and $53.45 levels.

Alternatively, if it violates the $52.75 level downward,  the WTI will aim for $52.45, as well as $52.10.

Besides that, the investor’s focus also remains at the Energy Information Administration (EIA), as it's about to release crude oil inventory updates at 15:30 (GMT) with an expectation of a 1.5M increase, which is lower than the previous figure of 2.3M.  

I would recommend buying WTI, but only above the $52.75 level with an initial target of $53.20 and then $53.45. Aside from that, sellers will be looming below $52.70 to drag the crude oil towards $52.45.

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