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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