Crude Oil Steady Ahead of US Core Durable Goods Orders – Trade Plan
The commodity crude oil hit 2019 high at over $62.19 a barrel on Tuesday on the probability that more sanctions upon Iran and further Venezuelan disruptions could intensify an OPEC-led supply cut.
Moreover, the trade talk between the US and China are progressive as both nations are very likely to enter a trade deal in April.
Looking at the technical side, the WTI crude oil is facing stiff resistance at $62 along with support around $60.40.
The 200 periods moving average is far away ($57.50) from the current market price, confirming a bullish trend in oil.
Core Durable Goods Orders – Can It Impact Oil Prices?
The United States is the biggest consumer of crude oil and profoundly impact crude oil prices. Thus, the Core Durable Goods Orders from the US may shake the crude oil prices today. The orders are expected to drop by -1.1% which is way lower than the 0.3% gain in March 2019. This can keep the oil prices weaker today.
Support Resistance
60.96 62.27
60.08 62.72
58.77 64.04
Key Trading Level: 61.4
Crude Oil – Trade Idea
Today, the idea is to place a sell stop below $61.60 with a stop loss above $61.20 and take profit at $60.45.
Good Luck!
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