WTI Crude Oil Edges Up - Is it a Bullish Reversal or Retracement? - Forex News by FX Leaders

WTI Crude Oil Edges Up – Is it a Bullish Reversal or Retracement?

Posted Monday, January 7, 2019 by
Arslan Butt • 1 min read

During the Asian session, the WTI crude oil prices surged by more than 1%, lifted by the confidence that the US-China talks could soon resolve the trade war, while supply cuts by top producers also helped the market.

The global financial markets are trading bullish on expectations that face-to-face trade negotiations between members of Washington and Beijing, would drive an easing of tensions. Anyhow, the meeting between delegates is due to start today.

So, in short, the technical side of the market is bullish, but the fundamental side remains mixed. I’m keeping my fingers crossed.

Support Resistance
47.42 49.47
46.36 50.46
44.3 52.51
Key Trading Level: 48.41

WTI Crude Oil – Trade Plan

The technical bias is bullish above $48,35. I’m looking for buy signals from relevant support levels. Therefore, I will consider buying on a bullish price action signal from around $48.35 to $50.50 today.

All the best!

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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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