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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!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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