Crude Oil Steady Near 5 Months’ High – Let’s Trade the Range

Crude oil prices surged to five-month highs $64.75 this week. The buying trend was triggered over a mixture of fundamentals suggesting...

There will come a time when the price of crude Oil will spill down

Fellas, crude oil prices surged to five-month highs $64.75 this week. The buying trend was triggered over a mixture of fundamentals suggesting a supply interruption, geopolitical tension, and a sputtering shale sector.

However, the primary factor that been underpinning crude oil prices is the sudden eruption of the dispute in Libya between rival parties. Meantime, the market is experiencing a slowdown from the US shale industry. Moreover, the weakness in the dollar also added some demand for crude oil.

Crude Oil inventories are due to come out at 14:30 GMT today and economists are expecting a build of just 2.6M vs. 7.2M previously. By the way, this can support oil prices today.

WTI Crude Oil – Trading Plan
Well, let’s see what comes later, but right now crude oil is facing strong support above 63.85 along with resistance at $64.75. It’s a small trading range and may help us secure a good trade today.

Support Resistance
63.66 64.72
63.13 65.25
62.06 66.32
Key Trading Level: 64.19

I’m looking to stay bearish below $63.85 with a stop loss above $64.35 and take profit around $63. On the upper side, we can also set a buy stop somewhere around $64.75 to target $65.35.

Good luck!

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.

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