Crude Oil Analysis: Trading the Bullish Engulfing Above Bullish Trendline
Arslan Butt • 1 min read
Fellas, the market is on a move and team FX Leaders is actively looking for forex trading signals for you. So far, we have closed three winning signals in a row in SPX, EUR/JPY, and GBP/JPY. Now we are scanning the charts for more trading signals. Let’s find out what’s going on with crude oil today.
On Monday, WTI crude oil prices showed a slightly bullish trend after falling sharply from $57.40 t0 $55.57. The buyers jumped in the market on sentiments of output cuts by producer club OPEC and reports that the United States and China are close to a trade deal could curb the oil demand in the future.
- The WTI crude oil technical outlook still looks bearish below a significant resistance level of $56.50.
- As you can see, oil is supported above $55.66 and the support is extended by a bullish trendline.
- There’s also a bullish engulfing pattern right above the bullish trendline which is giving extra support to crude oil above $55.60.
- The bullish breakout of $56.50 can trigger buying until $57.45. While oil can stay bearish below $56.45 with a target of $55.