WTI Crude Oil – Sideways Pattern Ready to Breakout! - Forex News by FX Leaders

WTI Crude Oil – Sideways Pattern Ready to Breakout!

Posted Tuesday, September 5, 2017 by
Arslan Butt • 1 min read

The crude oil continues to trade sideways, maintaining a narrow trading range of $47.20 – $47.60 as trader focus remains on the haven assets. The sideways market is giving us quite a decent trade setup. Let's take a look….

The crude oil prices are narrowly mixed on the back of light trade following a U.S. holiday. Signs that U.S. refineries are coming back online is placing slight pressure on the WTI Crude Oil prices.

Technicals Outlook

On the daily chart, oil has to maintain a sideways trend from $47.20 – $47.60, forming an indecision candles. The 50- periods EMA is near $47.15, suggesting a bullish trend in the oil. The prices are far away from their average prices & should pull back to $47 zone.

Crude Oil - Hourly Chart - Symmetric Triangle Patttern Crude Oil – Hourly Chart – Symmetric Triangle Pattern

Remember the Symmetric triangle pattern? It's now helping crude traders to determine the trend. The bullish trend line of the symmetric triangle pattern is extending a resistance at $47.70. Whereas, the bearish trend line is connecting at exactly the same level, $47.70

Crude Oil Trading Plan

Today, we need to monitor the key trading level of $47.70, below this, the market is likely to stay bearish until $47.20 & $46.85. Breakage above $47.70, can give us a buying opportunity until $48.15. Good luck!

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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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