Top 2 Reasons to Sell WTI Crude Oil Today
WTI Crude Oil Price is mostly flat today due to solid global demand vs. ongoing concerns over rising global supply levels. We have opened a sell signal on Crude Oil for one of two reasons.
Two Reasons Behind Bearish Oil
EIA Crude Oil Inventories – Yesterday, the EIA reported a build of 5M barrels vs. 2.2M inventories beforehand. Besides for that, the OPEC (Organization of the Petroleum Exporting Countries) stated non-OPEC supply extension for 2018 was forecasted at around 1.6M barrels per day compared to 1.4M barrels per day prior. Its efforts to cut the supply continues to fail thus rebalancing the market.
WTI Crude Oil – Hourly Chart
Technically, the WIT Crude Oil continues to consolidate below $61.15. We can see the Crude Oil has failed a number of times to break the 61.15. An interesting part is the number of reversal candles, such as a Doji and Spinning Top, are right below 61.15.
WTI Crude Oil – Trading Plan
Stay bearish below $61.15 with a stop above $61.25 and profit of $60.60.
All the best!
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