WTI Crude Oil on a Bearish Move Amid Over Supplies Concerns – Trading Signal - Forex News by FX Leaders

WTI Crude Oil on a Bearish Move Amid Over Supplies Concerns – Trading Signal

Posted Thursday, August 2, 2018 by
Arslan Butt • 1 min read

According to Energy Information Administration, the WTI crude oil stocks surged surprisingly last week as exports collapsed. Which is why crude oil continues to trade bearish at $67.22. Whereas, the candlesticks pattern “three black crows” on the 4-hours chart are playing well for crude sellers. Check out the key technical drivers of crude oil for today.

WTI Crude Oil – Technical View

On the 4-hour chart, we can see a formation of an ascending triangle pattern which was supporting crude oil near $68 along with a resistance up at $70.45. But crude oil has come out of this range after the release of bearish fundamentals.

Anyway, crude oil is trading at $67.20 and it looks like the bearish momentum will continue towards a horizontal support level of level of $66.65.

Crude Oil - 4 -Hour Chart

The prices are holding below 100 periods moving average which is another signal of bearish bias of traders. The momentum indicators, RSI and Stochastic are trading below 50, representing selling sentiment of investors.

WTI Crude Oil – Trade Idea

During the European session, we shared a forex trading signal to sell crude oil below $67.20 with a stop above $67.35 and a take profit near $66.65. Good luck!

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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.
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