Crude Oil Under Selling Pressure – Quick Technical Update - Forex News by FX Leaders
Is CL a Buy?

Crude Oil Under Selling Pressure – Quick Technical Update

Posted Monday, July 23, 2018 by
Arslan Butt • 1 min read

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

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of