WTI Crude Oil Slips Below $59 - is it Going to Continue Bearish Trend? - FX Leaders News

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

Posted Tuesday, November 13, 2018 by
Arslan Butt • 1 min read

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

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About the author

Arslan Butt is our 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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