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