WTI Crude Oil – Ascending Triangle Pattern Doing Well!

Posted Monday, September 24, 2018 by
Arslan Butt • 1 min read

During the early Asian session, crude oil jumped 2% as U.S. sanctions curbed Iranian crude exports, tightening global supply. The Middle East controlled the Organization of the Petroleum Exporting Countries and the top producer Russia are discussing boosting output to counter sinking supply from Iran. Although they haven’t come to an agreement yet, the sentiments can place a bearish impact on oil.

Technically, crude oil has traded exactly in line with our forecast. The black crack has violated the double top resistance level of $71.60. The immediate resistance is likely to be at $72.85.

Support Resistance
68.74 72.18
66.8 73.69
63.35 77.13
Key Trading Level: 70.24

WTI crude oil seems to form three white soldiers on the 4 – hour chart which is signaling the bullish bias of traders. In addition, the leading and lagging indicators like RSI and 50 periods EMA are also indicating the bullish trend. Today, the idea is to stay bullish above $71.65 to target $72.85. 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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