Bullish Reversal Pattern In WTI Crude Oil – Brace Yourself for 200 Pips! - Forex News by FX Leaders

Bullish Reversal Pattern In WTI Crude Oil – Brace Yourself for 200 Pips!

Posted Thursday, November 8, 2018 by
Arslan Butt • 1 min read

Almost all the trading instruments are moving sideways, which reveals the state of indecision among traders. That’s mostly because of the FOMC and Fed fund rate which are due during the US session. Anyhow, we just opened a swing trade in crude oil to go long above $62.20 to target $64. Here’s why going long looks like a good idea…

  • Chinese crude imports raised concerns that a slowdown in the world’s No.2 economy could fuel an emerging fuel glut. According to the recent news, China’s October crude imports climbed 32% from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd). We assumed that the trade war may diminish crude oil’s consumption in China, but the scenario is the opposite now.

  • On the daily timeframe, WTI crude oil has formed a hammer pattern near $62. This pattern is followed by a strong bearish trend and it’s known for breaking the trend. So, can it reverse the crude oil’s bearish trend? Well, I hope it will as it’s one of the major reasons we entered a buying position. Good luck and stay tuned for more updates!
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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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