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Crude Oil Falls as the Trade War Sentiment Dominates

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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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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