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WTI Crude Oil Potential Breakout – Ready for Trade?

Crude oil continues to trade bullish as traders remained wary over the supply outlook, although the fallout from global trade tensions between the U.S. and E.U. limited price gains.

Before we proceed towards today’s technical outlook, let us recall that the WTI price has been under a selling pressure as trade tensions between the United States and China have heated up. However, the imminent sanctions on Iran have already begun to diminish flows of crude oil.

 

WTI Crude Oil – Technical Update

Looking at the technical side, crude oil is facing a solid resistance near $69.70. The 100 periods MA is blocking it’s way to the upside. While the support remains at $69. The violation of $69.70 can lead oil prices towards $70. Whereas, the market can remain bearish below $69.70. Looking at the strength of the recent bullish candle, it looks like crude oil will manage to violate $69.70 to target $70 and $70.25.

Crude Oil - 2 Hour Chart

WTI Crude Oil – Trade Plan

During the London session, we opened a forex trading signal to buy crude oil above $69.70 to target $70. It’s trading in 20 pips profit. Investors are advised to move their stops at breakeven and wait till target. Good luck!

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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.
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