WTI Crude Oil Near 3 Year High – Double Top Breakout Plays
Arslan Butt • 1 min read
Recalling our earlier update, 55 Pips Closed On WTI Crude Oil While Traders Awaits EIA Report, Crude Oil soared to a 3-year high due to escalating tensions in the Middle East. Let’s take a look at technical and fundamentals outlooks of Crude Oil.
WTI Crude Oil – Fundamentals Outlook
The demand for Crude Oil was triggered after US President Donald Trump warned Russia of impending military action in Syria. Moreover, Saudi-owned television news channel Al Arabiya reported Saudi Arabia’s air defense forces impeded a missile over the capital Riyadh.
Perhaps, that’s the reason Crude Oil continued its bullish momentum despite a build of 3.3M inventories.
WTI Crude Oil – Technical Outlook
Crude Oil is trading in the overbought zone after a series of fundamentals. However, it has closed a couple of bearish candles below a solid resistance level of $67.20. It’s signaling a potential retracement of up to a 38.2% Fibo level of $66.50 and a 61.8% level of $66.
WTI Crude Oil – Hourly Chart
WTI Crude Oil – Trading Plan
I’m looking to stay bullish above $66 and bearish below $67.25 with 50 pips stops on each side. Good luck!