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An Update On The WTI Crude Oil

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 See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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