Quick Technical View of WTI Crude Oil!

Written by: Arslan Butt • Friday, July 14, 2017 • 1 min read

• Last updated: Friday, July 14, 2017

In the latest update, we discussed how 'black crack' has been stuck in a long-term trading range of $43.75 – $46.50 for quite a while. Despite many important economic releases, this commodity is still trading within these levels. The market is confused between an increase in inventory draws and a glut of supplies in the international market.

Crude Oil - 4 Hours Chart Crude Oil – 4-Hour Chart

Forex Trade Signal Idea

– Traders, I would like to stay on the sell side below $46.30 with a target of $45.30. While, above $46.30, buying will be a good idea to target $46.90.

– Technically, oil has completed a 50% Fibonacci retracement at $44.96 and the same level is now acting as a support.

– The price of WTI crude oil is holding above the 50-period EMA which signals a bullish tone of investors.

– On the 4-hour chart, there is a bearish trendline which is a hurdle at $46.30. Whereas, on the lower side, $45.75 is a key level. In order to get a better understanding of how to profit from a support and resistance trading strategy, click here.

Support Resistance

S1: 45.26 R1: 46.25

S2: 44.96 R2: 46.55

S3: 44.47 R3: 47.05

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.