Crude Oil Under Selling Pressure – Quick Technical Update
On Monday, WTI crude oil fell as anxieties over output losses were burdened by concerns that trade conflicts would diminish economic growth.
On Monday, WTI crude oil fell as anxieties over output losses were burdened by concerns that trade conflicts would diminish economic growth and hit the global energy market. During the weekend, the finance ministers and central bank administrators from the world’s 20 largest economies concluded a meeting, calling for more dialogue to prevent trade and geopolitical tensions from hurting growth. Looks like a counter strategy to cope with the U.S. sanctions. This way, the crude oil supplies may not be disrupted.
WTI Crude Oil – Technical Outlook
During the previous week, crude oil was trading right below a 50 periods EMA resistance level of $70.20. Back on June 19, the same level halted the bullish trend in crude oil as the markets were overbought. But let’s see if crude oil manages to sustain below this $70.20 resistance level or tear it up.
Crude Oil – Daily Chart
As we can see, crude oil has already filled the bearish gap and is now heading towards an immediate resistance level of $70.20. The intra-day support can be found at $67.75 and the violation of this level can give us further bearish trend until $66.60.
WTI Crude Oil – Trading Plan
Today $68.25 is a very crucial trading level and crude oil can stay bullish above this level to target $69.45 and $70.25. Good luck!
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