Crude Oil Analysis: Trading the Bullish Engulfing Above Bullish Trendline
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...
Arslan Butt•Monday, March 4, 2019•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.
Fundamental Outlook
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.
Technical Outlook
- 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.
Good luck!
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
ABOUT THE AUTHOR
See More
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.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals