Our forex trading signal on Crude Oil is tossing in profits and loss as the WTI prices are going nowhere. It’s just another slow Monday and the investors are likely to take only best shots before the release of Fed rate decision. Here’s a reason behind a Crude Oil signal…

Fundamental Review

Oil prices are still under pressure amid rising drilling activity in the United States. It’s pointing towards a further increase in output, boosting worries regarding a return of oversupply. If you remember, the EIA reported a build of 5 million barrels for the week ended March 9. Yet the technical side kept supporting the commodity.

Technical Outlook

Although the fundamentals are supporting the bearish momentum, the technicals are pointing the bullish direction.

Crude Oil – Hourly Chart

For instance, take a look at the 60 – Min time frame, the Crude Oil is facing a solid support near $61.95. It has failed to break below this level for a second time today. On the other hand, the leading indicators are massively oversold and investors won’t be interested in looking for a bearish entry above $61.95.

Lastly, the Crude Oil prices are trading above 50- periods EMA, signaling a bullish bias of investors.

WTI Crude Oil – Trading Plan

Keeping the technicals in mind, we shared a forex trading signal to open a buy position above $61.95 with a stop below 61.76 and a take profit of $62.45. Good luck!