Crude Oil Jumps on Sentiments – Quick Technical Update! - Forex News by FX Leaders

Crude Oil Jumps on Sentiments – Quick Technical Update!

Posted Tuesday, September 25, 2018 by
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!

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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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