The WTI Crude Oil continues to trade sideways, maintaining a broad trading range of $49.35 – $50.30 due to lack of related economic events. Are you looking to trade Crude Oil? Check out this trade idea…

Oil markets poised to reach near multi-month highs late last week as the began U.S. drilling for new production fell and refineries extended to start up after getting hit out by Hurricane Harvey.

Oil markets poised to reach near multi-month highs late last week as drilling for new production fell in the U.S. while refineries extended after Hurricane Harvey.

Crude Oil – Technical Outlook

During the previous week, Crude Oil had a bullish breakout at $49.40, the same level we mentioned in our earlier updates. For now, the Oil is trading in the narrow trading range of 100 pips ($49.30 – $50.30). It has formed several Doji and spinning top candles signaling the neutral sentiment of investors. It seems like the investors are waiting for fundamentals to determine a further direction of the market.

Crude Oil – 4 Hour Chart – Sideways Market 

The leading indicator 50- periods EMA is still holding near $48.85, suggesting a bullish trend in the oil. However, the Oil has a support at $49.40. The Stochastic is entering below 20 which means soon we can see slight bullish waves in the Crude Oil.

Crude Oil Trading Plan

Today, the key trade level is $49.75, above this, the market has a potential to go for $50.35. While on the flip side, the Oil can target $49.40. It's a bit complicated to determine the long-term trend on Monday as the volatility remains low. Keep following for more trade ideas and Forex Trading Signals.