Crude Oil Trades The Harmonic Pattern – Wait for Bullish Crossover
Arslan Butt • 1 min read
Good afternoon, folks. WTI Crude Oil is still supported by the OPEC-led production cuts and strong global demand. Lately, the commodity has dropped in the wake of profit taking and it seems like a good opportunity to buy it back.
WTI Crude Oil – Technical Review
Technically, the Oil is trading in a bullish mode. You can see on the chart below, the Oil is trading below the 50- periods EMA which is providing a solid resistance at $63.90.
WTI Crude Oil – 30 Min – Chart
Crude has also formed a bullish harmonic pattern which is underpinning the Oil at $63.50 and $63. But what I’m focusing on right now is the 50- periods EMA. We can’t go long unless Oil gives us a bullish crossover above $63.90
Key Trading Level: 64.01
WTI Crude Oil – Trading Plan
The idea is to stay bearish below $64 with a stop above $54.35 and a take profit of $63.35. Whereas, above $64.15 the Oil has a potential to go after $64.65. Good luck!