Crude oil standstill ahead of EIA report – Quick update on technical outlook

The economic docket is fully loaded with the high impact economic event and it's going to be a very exciting day. But with high volatility,


What’s up, fellas.

The economic docket is fully loaded with high impact economic events and it’s going to be a very exciting day. But with high volatility comes higher risk. This is one of the reasons we didn’t open any trading signal yet.

Although there’s a strong bearish trend in crude oil prices, sellers seem exhausted now. The RSI is oversold (below 20) and crude oil is facing a significant support at $68.50. A bearish breakout can lead crude oil towards $68.20 and $67.25. While above $68.50, WTI can stay bullish until $68.75.

The breach of $68.75 is likely to open further room for buying until $69.35. Check out FX Leaders Sept 6 – Economic Event’s Brief to see how EIA report can impact the crude oil prices. Good luck!

ABOUT THE AUTHOR See More
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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