Fresh Trading Levels – The WTI Crude Oil - Forex News by FX Leaders

Fresh Trading Levels – The WTI Crude Oil

Posted Tuesday, April 25, 2017 by
Arslan Butt • 1 min read

Trader's hope you are enjoying the success of our trading signals. Yesterday, as recommended in our update WTI Crude Oil Completes 50% Retracement – Do We Have A Sell Entry Here? the oil fell right after completing retracement at  $50.20 and plunged towards our next target level of $49.65 to give us a gain of more than 55 pips in the New York session

At the moment, crude oil is trading bearish as investors are waiting for the crude oil inventories which are due tomorrow in the New York session. Investors' sentiment for oil prices remains fragile due to rising U.S. production as well as the inventory levels, which are close to record high. Anyways, let me share the fresh trading levels for the WTI Crude Oil.

WTI Crude OIl - 4 Hour Chart

WTI Crude Oil – 4 Hour Chart

Crude Oil- Intraday Trading Levels

Support                   Resistance

S1 48.92                 R1 49.43

S2 48.77                 R2 49.58

S3 48.51                 R3 49.83

Ending Remarks

I'm not recommending any trades since the oil is already far away from its trading level. However, I will be sharing a fresh trading signal in the Asian session tomorrow. Stay tuned!

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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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