WTI Crude Oil - Sideways Range Dominates - Forex News by FX Leaders

WTI Crude Oil – Sideways Range Dominates

Posted Tuesday, October 10, 2017 by
Arslan Butt • 1 min read

Crude Oil has been consolidating in narrow ranges in this week, but it's a bit supported as China is back from week-long holidays. Are you expecting API report today? Well, this week it's not coming out today but tomorrow. Let's see what's going on the technical side.

 

Quick Technical Outlook

Crude Oil traded exactly as recommended in WTI Crude Oil – Sideways Pattern Awaits Breakout. The 4- hours chart is still suggesting a bullish bias for the Oil. But this has stuck in the narrow range of $49.10 – $50.10.

Crude Oil - 4 - Hour Chart - Ranges Crude Oil – 4 – Hour Chart – Ranges 

 

Crude Oil isn't oversold as the RSI and Stochastics are holding at 50 which means the total indecision among investors.  In addition to this,  the 23.6% retracement falls at $49.60 while 32.85% retracements stays at $49.91.

 

Crude Oil Trading Plan

Fellas, $49.90 is a crucial level to enter a sell or buy position. We need to wait for further confirmations in order to enter the market. Keep following as we may share a signal on Oil during the U.S. session. 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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