WTI Crude Oil Edged Higher – Triangle Pattern in Focus

The candlesticks pattern "three black crows" on the 2-hours chart, didn't do much for sellers. Fellas, the technicals aren't doing much...

Is CL a Buy?

The candlesticks pattern “three black crows” on the 2-hours chart, didn’t do much for sellers. Fellas, the technicals aren’t helping much today as the volatility remains thin. The bearish crude oil is trading steady in a narrow range of $67.40 – $68.40 as the scenario is somewhat 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 descending triangle pattern, which is supporting crude oil near $67.55 along with a resistance up at $68.80. For the moment, crude oil is trading at $68.20 and it looks like the bullish momentum will continue towards a horizontal resistance level of $68.80.

Is it going to break upward?
Well, technically it shouldn’t. Descending triangle patterns typically break downward. The crude prices are trading below 100 periods moving average which is another signal of bearish bias of traders.

The momentum indicators, RSI and Stochastic are trading in an overbought region. By the way, fellows don’t forget to see API stockpile report which is due to come out during the US session at 20:30 (GMT).

Crude Oil - 2 Hour Chart

WTI Crude Oil – Trade Idea

Taking a buying position above 68 seems to be a good idea. The stop should be below $67.50 along with a take profit at $68.80 and $69.20. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers