Crude Oil Slipped to Lowest Since Late 2017- A Quick Trade Plan - Forex News by FX Leaders

Crude Oil Slipped to Lowest Since Late 2017- A Quick Trade Plan

Posted Friday, November 23, 2018 by
Arslan Butt • 1 min read

A surprise build up in crude oil stockpiles in the United States, emerging crude supply and a darkening economic outlook caused oil plunged to their lowest since late 2017. For the moment, WTI trading near $53 and it looks we may have a forex trading signal for crude. Are you ready for it?

On Wednesday, the EIA reported a massive build of 4.9 million barrels inventories, compared with analysts’ expectations of 2.5 million barrels.

Looking at the technical side, crude oil has entered the strong oversold zone. Here’s an upward trendline which can support the oil near $53.

So, here’s the deal: we may see a bullish reversal in crude oil if it manages to hold above $52.85. Alternatively, a violation of $52.85 can push if deeper towards $52 and $51.45.

Good luck and trade with care!

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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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