WTI Crude Oil Violates Support – Global Economic Worries Dominate

Despite the lack of fundamentals, the market is on a move, and team FX Leaders is making sure to capture each pip of it. After closing Dax in profit, we are now looking for a position in crude oil.

During the London open, crude oil prices slipped, tumbling from two-month highs, as worries over a global economic slowdown crawled back into the market.

As per the American Petroleum Institute, the WTI stockpile stock increased by 2.5 million barrels last week. While investors’ focus stays on the EIA report later today.

Support Resistance
53.27 54.97
52.63 56.02
50.94 57.72
Key Trading Level: 54.33

Technically, crude oil managed to violate a sideways trading range of $54.90 – $53.50 to place a fresh low near $53.10. Oil is closing candles below $53.50, confirming the breakout of this range. With this confirmation, investors may push oil prices further lower towards $52.50.

Good luck!