Top 2 Reasons to Sell WTI Crude Oil Today - Forex News by FX Leaders

Top 2 Reasons to Sell WTI Crude Oil Today

Posted Thursday, March 15, 2018 by
Arslan Butt • 1 min read

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

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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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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