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

Posted Thursday, September 6, 2018 by
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!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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