WTI Crude Oil Testing Support – Oil on Hold by Cypher Pattern
The American Petroleum Institute (API) inventories failed to surprise the oil traders as the stockpiles increase by 0.933M vs. 2.700M before thus the bearish market is currently on hold. I spotted an excellent trade setup. Take a look.
Fundamentals Overview
Last week, most of the market is trading Crude Oil with bearish sentiment after the API reported that crude stockpiles rose by 933,000 barrels, which is less than the expected increase of 2.7M barrels.
The investors are looking to official data by the US Energy Information Administration (EIA), due at 15:30 GMT. Economists are anticipating a build of 2.4M barrels vs. a -1.6M in inventories. Oil is trading under pressure at the moment due to the forecast.
Technical View
On the 1-hour chart, Crude Oil has formed a bullish pattern that completed the C to D wave near $62.65. We can expect a bounce back in the oversold Crude Oil.
Crude Oil – Cypher Pattern
Support Resistance
62.69 63.79
62.35 64.13
61.8 64.68
Key Trading Level: 63.24
WTI Crude Oil – Trading Plan
We opened a forex trading signal to buy WTI above $62.75 with a stop below $52.55 and profit of $63.15.
Good luck!
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