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

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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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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