Bearish WTI Crude Oil – 2 Things To Look For Today
Dave Green • 1 min read
Today on the 13th Feb, the WTI Crude oil is trading mostly unchanged at 53.76, down -0.10 points and -0.19% in the early European Trading sessions.
Previously, it has been trading in a bullish tone in the wake of sentiment that OPEC members may cut output to support the falling oil prices. Moreover, the OPEC is scheduled to announce its first estimate of its January production based on the secondary sources in its cyclical oil market statement on Monday. Besides that, the U. S. Energy Information Administration will release its monthly update on domestic oil and natural-gas shale output.
2 Things to Look For:
- Triple Top level $54.55
- Descending Triangle Pattern in 1 – Hour Chart
Technically, the WTI crude oil seems to be bearish falling below $54.55, which is a major resistance level. Moreover, the WTI is trading in an overbought territory and needs to retrace back before further buying. The RSI has also crossed below 50, demonstrating a bearish tone.
However, based upon technicals, I would recommend investors to have their sell positions below $54.10, along with an initial take profit at $53.90 and second take profit at $53.75, while keeping the stops above $54.30.