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Crude Oil Trades The Harmonic Pattern – Wait for Bullish Crossover

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

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

Support     Resistance

63.49          64.53

63.16          64.86

62.64          65.38

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!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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