WTI dips below 61.8% Fibo level – What’s next?

The crude oil is supported above $68.45 and can continue its bullish momentum until $68.80. The violation of $68.80 is likely to lead the...


Yesterday, the WTI crude oil prices dropped by more than 2%, slipping back from four-month highs as investors centered on the risk that emerging market issues and trade disputes could bend demand even as supply tightens. In addition to this, the supply issues increased due to data revealing that U.S. crude production plunged by 100k bpd (barrels per day) to 10.9 million bpd during the previous week.

The financial markets are a bit slow today, making it hard to find good signals. However, crude oil is supported above $68.45 and can continue its bullish momentum until $68.80. The violation of $68.80 is likely to lead the oil prices towards $69.50.

On the flip side, the bearish breakout of $68.45 can lead oil prices towards $67.45.

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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