WTI Crude Oil Violates Support – Global Economic Worries Dominate - Forex News by FX Leaders

WTI Crude Oil Violates Support – Global Economic Worries Dominate

Posted Wednesday, February 6, 2019 by
Arslan Butt • 1 min read

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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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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