Crude Oil Jumps on Sentiments – Quick Technical Update!
Arslan Butt • 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!