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!

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

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.
Related Articles
eToro announces a significant cut in spreads on cryptoassets to increase awareness of the potential of crypto and blockchain more broadly

Leave a Reply

Notify of