WTI Crude Oil Slips Below $59 – is it Going to Continue Bearish Trend?

Crude oil is facing a solid resistance near $59.29. The 50 periods EMA is blocking it's way to the upside. While the support remains at $57.


WTI crude oil slipped below $59 as traders remained wary over the supply outlook, although the fallout from global trade tensions between the US and China added more selling pressure…

Looking at the technical side, crude oil is facing a solid resistance near $59.29. The 50 periods EMA is blocking its way to the upside. While the support remains at $57. The violation of $59.30 can lead oil prices towards $60.50.

Whereas, the market can remain bearish below $58.75 today. Looking at the strength of the recent bearish candle, it looks like crude oil will manage to continue its journey towards $57.

Support Resistance
58.06 60.67
57.13 62.36
54.51 64.97
Key Trading Level: 59.74

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers