WTI Crude Oil - Is it Good Time to Go Long? - Forex News by FX Leaders

WTI Crude Oil – Is it Good Time to Go Long?

Posted Monday, February 12, 2018 by
Arslan Butt • 1 min read

It’s been a brilliant start of the week. So far, we have closed three Forex Trading Signals on DAX, CAC, and SPX. While the fourth one on Gold is floating in profit. Crude Oil is finally gaining some support as the investors seem to add adding buying positions in the oversold commodity. Besides this, the OPEC (Organization of Petroleum Exporting Countries) will print its monthly assessment of oil markets along with the International Energy Agency who will release its monthly estimates on Tuesday.

WTI Crude Oil – Technical Outlook

Fellows, you can see on the 4 – hours chart that the Oil fell sharply but managed to gain support above $58. Unfortunately, we missed the trade as it came overnight during the late US session. Yet, there’s an opportunity for us now.  

WIT Crude Oil - 240 - Min Chart

WIT Crude Oil – 240 – Mins Chart

Currently, the Crude Oil is trading at $60.52 and it’s very likely to face resistance at $60.75. In case WTI fails to break below 60.75, we may see another selling wave until $59.50 and $59.

On the flip side, the break above $60.75 is likely to give us a chance to go long on the commodity. The bulls may target $61.65 and even $62.75. Just tie your laces, as the volatility is expected on the OPEC assessment report. Good luck and stay tuned for exciting trades.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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