WTI Crude Oil Ticks Up – Triangle Pattern Ready to Play

Posted Tuesday, April 24, 2018 by
Arslan Butt • 1 min read

The candlestick pattern “three white soldiers” on the 2-hour chart suggested a bullish bias for crude oil on Monday, however, the scenario is slightly jumbled now. Check out the key technical drivers of crude oil for today.

WTI Crude Oil – Technical View

On the 2-hour chart, we can see a formation of a bullish triangle pattern which is supporting crude oil near $68 along with a resistance up at $69.40. For the moment, crude oil is trading at $68.9 as the price has already moved near a horizontal resistance level of $69.40. Is it going to break upward?

WTI Crude Oil - 120 - Min Chart

WTI Crude Oil – 120 – Min Chart

Well, the candlestick pattern “three white soldiers” is signaling a bullish bias of traders. Whereas, the momentum indicators, RSI and Stochastic are in overbought territory. By the way, fellows, don’t forget to look at the API stockpile report which is due to be released during the U.S. session at 20:30 (GMT). Good luck!

WTI Crude Oil – Trade Idea

Taking a buying position above $68.40 seems to be a good idea. The stop should be below $68 along with a take profit at $69.40 and $70 (if market violates $69.40). Good luck!

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About the author

Arslan Butt is our 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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