Crude oil breakout the major trendline – Is it a beginning of bearish trend? - Forex News by FX Leaders

Crude oil breakout the major trendline – Is it a beginning of bearish trend?

Posted Thursday, August 16, 2018 by
Arslan Butt • 1 min read

On Wednesday, crude oil tumbled more than $2 a barrel after EIA data reported a build in the U.S. crude stockpiles last week. This added worries about a weaker global economic growth outlook.

The move was exactly lined in with our forecast Crude oil inventories due in an hour – How to trade WTI? The U.S. crude oil stockpile rose surprisingly last week, soaring 6.8 million barrels vs. the expectations of a -2.6M draw. The WTI has already met our previous target level of $64.78 and the market is holding right above it. 

WTI Crude Oil - Daily

WTI Crude Oil – Daily

As you can see in the daily chart, crude oil has invaded the bullish trend line support level of $66.35. The support level is likely to work as a resistance now. On the lower side, the immediate support can be found at $64.75. Below this level, crude oil can go after 62.95. All the best and stay tuned to our forex trading signals for quick updates.

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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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