Crude Oil Falls as the Trade War Sentiment Dominates

Posted Monday, August 27, 2018 by
Arslan Butt • 1 min read

Oil prices fell on concerns that the U.S.-China trade conflict will decay global economic growth, although looming U.S. sanctions against Iran’s oil sector kept crude from falling further.

WTI Crude Oil – Technical View

The technical side of the market looks bearish. Earlier today, we tried to catch quick retracement in crude oil, but the WTI prices reversed back before hitting our target.

For now, crude oil is coming out of an oversold region. The series of doji and spinning top candlestick patterns are suggesting a neutral sentiment of investors.

But it will depend upon $68.70. Below this, the market can go after 38.2% retracement level of $67.85. The bearish breakout of $67.80 can extend sell-off until $67.15. All the best and trade with care…

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