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