The WTI crude oil prices fell on Monday amid the stronger dollar and sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia’s emerging economies.

The US-China trade war, cooling economic conditions in the international market and the recent remarks from Saudi Arabia regarding covering the oil shortages coming from Iran’s sanctions have added pressure on the crude oil prices.

Technically, the black gold broke out of the descending triangle pattern at $67 to test the double top pattern of $67.75. We decided to enter the sell position near 67.44 to target $67.14 for a quick 30 pips take profit. The market traded well as per our forecast.

Support Resistance
66.62 68.29
65.59 68.93
63.92 70.61
Key Trading Level: 67.26

At the moment, crude oil can face an immediate support at $66.75 along with a resistance near $67.75. So, I’m planning to take another sell position below $67.45 to target $67 and $67.90. Buying is preferred above $66 today.

Good luck!