WTI Crude Oil Trades Sideways – Intraday Technical Analysis
Arslan Butt • 1 min read
Yesterday, there was an amazing bullish wave in crude oil after the release of EIA report and, fortunately, our forex trading signal was able to capture more than 100 pips on it. Crude oil is going steady as investors are confused whether to go for further buying or to wait for the retracement. Brace yourself for next trading signal…
Crude oil is carrying a bullish support after the news that Saudi Arabia, the world’s biggest oil exporter, is “temporarily halting” all oil shipments into the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen’s Iran-aligned Houthi movement.
Moreover, the EIA reported a draw of 6.1 million barrels in the week ending on July 20. The draw is surprisingly higher than the forecast of 2.3 million barrels.
Looking at the technical side, crude oil is facing a solid resistance near $69.65. The 100 periods SMMA is blocking its way to the upside, while the support remains at $69.15. The breakout of this narrow range will decide the tug of war between bulls and bears.
For instance, the violation of $69.15 can lead oil prices towards $68.45 and the bullish breakout can lead it towards $70.45.
WTI Crude Oil – Trade Plan
During the late Asian session, we opened a forex trading signal to buy crude oil above $69.35 to target $69.65. The second thought is to open a sell position below $69.65. Good luck!