An Update On The WTI Crude Oil - Forex News by FX Leaders

An Update On The WTI Crude Oil

Posted Monday, April 10, 2017 by
Arslan Butt • 1 min read

On Monday, the overall market is facing thin volatility as most of the investors are already out of the market after having major trades on Friday. Consequently, the Oil is also consolidating in a small trading range of $52.22 – $52.60.

Although, we are lacking trading volume, but still the crude oil has made its move higher at $52.56, adding +0.71% for the day. Investors are still concerned about the missile strike by U.S. forces in Syria, boosting the of conflict with Syrian supporters Russia and Iran. You must be thinking why Syria is important to move the oil prices. Well, it's because of the oil reserves. Though it's not at the top of a list, but definitely makes an influence on the Oil prices.

WTI Crude Oil - Hourly ChartWTI Crude Oil – Hourly Chart?

Technical Outlook – Intraday

Let me highlight some technical aspects of the WTI crude oil.

  • Firstly, the oil is trading bullish above 50 periods EMA which is extending it a support around $50.25.

  • Thirdly, if we look at the hourly chart of the WTI Crude oil, we can find an ascending triangle pattern which is sharing a resistance at $52.75 and support at $50.20. However, the ascending triangles are mean to break upside.

Forex Trading Idea

I have entered a buying position at $52.60 with a stop loss below $52.30 and a take profit at $52.85. Let's wait for the volatility for having further clues about the market behavior.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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