WTI dips below 61.8% Fibo level – What’s next? - Forex News by FX Leaders

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

Posted Friday, September 14, 2018 by
Arslan Butt • 1 min read

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.

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About the author

Arslan Butt // 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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