Crude Oil Turning Bullish by FX Leaders

Crude Oil Turning Bullish

Posted Wednesday, August 29, 2018 by
Rowan Crosby • 1 min read

Crude Oil has been on a steep sell-off for the last few months but there are now signs that things are turning around a touch.

We’ve broken higher over the last couple of sessions and things are starting to take a more bullish tone.

Late yesterday, we got a look at the API data and it did come in-line with expectations – more or less. Which we then assume will translate over to the official number.

The reality is that the sell-off was just a blip on the radar from what is a far longer-term uptrend. In fact, we’ve rallied from under $30 not all that long ago.

So we must be aware of the longer-term fundamental picture.


The Technical Picture

With that in mind, my next clear target becomes $70. We are currently around $69.

The round number levels are providing the support and resistance at the moment and I have been suggesting that $70 will be a roof in price for the calendar year.

Although the little bounce has caught many a little by surprise.

CL – 240min.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby is our Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
The dollar held steady near a two-week high against a basket of currencies on Monday over increased risk appetite.
5 hours ago

Leave a Reply

Notify of