WTI Crude Oil – Technicals Cooking Swing Trade Opportunity

The Crude Oil gained some support after the API report showed a drop of -1.050M in the Crude Oil Inventories. Today, there are two reasons..


The Crude Oil gained some support after the API report showed a drop of -1.050M in the Crude Oil Inventories. Today, there are two reasons to expect a bullish movement in the Oil….

WTI Crude Oil – Key Points To Note 

The API inventories surprised the Oil traders as most of them were expecting a build of 2.5M in inventories rather than a draw of -1.050M. That being said, the investors are expecting the same kind of figures from the EIA.

Anyways, the EIA stockpiles are expected to show a build of 3.189M in inventories. In case, the market shows a draw of -2M or more, we can expect the bullish trades in the Oil.

Crude Oil - 240 - Min Chart

Crude Oil – 240 – Min Chart

Technically, the WTI is holding right above a significant support level $63. On the same level, the Crude oil has complete it’s bullish harmonic pattern which is also supporting Oil before the news.

But candlesticks on the 4 – Hour chart are directing a solid bearish momentum. The bearish Marubozu and the long bearish candles are favoring the selling bias.

WTI Crude Oil – Trade Idea

Fellows, it’s time for Oil to determine it’s weekly trend. The break and close below $63 can add more bears in the market until $62.20 and $61.65. Whereas, the Oil can stay bullish above $63 for the target of $64.15 and 65.

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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