Crude oil standstill ahead of EIA report – Quick update on technical outlook
Arslan Butt • 1 min read
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!