WTI Crude Oil Potential Breakout – Ready for Trade?
Arslan Butt • 1 min read
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.
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!