Quick Update On WTI Crude Oil – Is it a Good Time to Short?

We’ve had a nice start to the week with two take profits on the table. For the moment I’m looking to trade a very nice setup on Crude Oil. 

Sell-off In Crude Oil

The Crude Oil had a great sell-off on Friday in response to the stronger Dollar. As we know, there’s a negative correlation between the Crude Oil and US dollar. This means the stronger Dollar makes the Crude Oil expensive for the other countries. Hence, reducing demand for the commodity.  

WTI Crude Oil  – Technical Analysis

At the moment, the Crude Oil is holding above a solid support extended by a double bottom pattern at $64.50. The technical side of the market is taking a bullish turn. On the 4-hour chart below, the bullish trendline is also underpinning the commodity above $64.55.

Crude Oil – 60 Min Chart

We are getting another bullish confirmation from our leading indicators RSI and Stochastics. Both of these are directed upward, crossing above 50. Check the crude oil’s weekly support and resistance level to get a better sense of the market.

WTI Crude Oil – Trading Plan

Fellas, I’m looking to stay bullish above $65.10 while having a stop below $67.85 and take profit above 65.30 and $64.65. Good luck!

ABOUT THE AUTHOR See More

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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