Crude Oil Jumps on Sentiments – Quick Technical Update!

The WTI crude oil continues to trade bullish at $72.50 a barrel after Saudi Arabia and Russia ruled out any immediate hike in output...

Arslan Butt•Tuesday, September 25, 2018•1 min read

WTI crude oil continues to trade bullish at $72.50 a barrel after Saudi Arabia and Russia ruled out any immediate hike in output despite calls by US President Donald Trump for action to raise global supply.

Let us recall that the US is due to impose sanctions on Iran in November 2018, curbing Iranian crude exports and tightening global supply. In response, the market is factoring in the sentiments.

Technical outlook for crude oil is still bullish. WTI crude oil has formed three white soldiers on the 4 – hour chart, which is signaling the bullish bias of traders.

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 $72.25 to target $72.85. Good luck!

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.