WTI Crude Oil Hit 145 Pips Target – What’s Next?
Arslan Butt • 1 min read
What’s up, traders.
Recalling our previous update, the Crude Oil traded in accordance with the swing trade idea. The market fell below $63 to hit our suggested targets at $61.65. Here’s the reason why…
Reasons Behind Bearish WTI Crude Oil
Well, there are multiple reasons but the most important one was the EIA inventory reports. Oil prices slipped after the US Energy Information Administration announced that domestic crude stocks built 1.9M barrels for the previous week.
Consequently, the US production touched a new peak of 10.25M barrels per day. It the production keeps gaining this way, it will become really hard to imitate the collapse in Oil market & prices.
Technically, the WTI is now consolidating in a narrow trading range of $61.25 – $61.75 and considering the leading indicator RSI, the Crude may pull back a bit before placing another intraday lows.
WTI Crude Oil – 180 Min Chart
Besides, you can also see the massive divergence between CMP $61.65 and 50- periods EMA at $63.70.
WTI Crude Oil – Trade Idea
For now, the Crude Oil is likely to continue its bearish trend on the breakout of $61.25 to target $61.10 and $60.65. Let’s wait a bit more for a breakout. Good luck!