Crude Below Triple Top - Wait for the Breakout! - Forex News by FX Leaders

Crude Below Triple Top – Wait for the Breakout!

Posted Thursday, October 19, 2017 by
Arslan Butt • 1 min read

Despite the release of the Crude Oil inventories figures, the Crude Oil failed to break out of the range. Today, the Oil is trading with the same technicals but the fundamentals are likely to drive Oil today.

 

WTI Crude Oil – Fundamentals Analysis

At the moment, the Crude Oil is supported by the number of fundamentals.

Chinese GDP  

Crude oil prices are supported by solid GDP figures for the third quarter in China as China is the world's second-largest crude importer, and rising demand by the nation's refineries.

 

EIA Weekly Crude Oil Stock    

The EIA reported a drop of nearly  5.7 million barrels from the previous week. It was expected to drop by -4.7 million. Overall, the inventories are falling 1.1 million barrels a day in US production from the lower 48 States, putting total output at 7.9 million barrels a day.

Crude Oil - 2 Hours Chart Crude Oil – 2 Hours Chart 

Crude Oil – Trading Plan

Fellas, I'm sticking with the same plan. Keep monitoring the crucial level $52.75. The idea is to stay bullish above this with a target of $53.45. Whereas below $52.75 the Oil is likely to stay bearish until $51.50. 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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