Descending Triangle & 200 MA Pushing Crude Oil Lower
Crude oil got a massive hit after the trade talks between the world’s two biggest nations hit a wall on Sunday after Donald Trump declared..
Arslan Butt•Tuesday, May 7, 2019•1 min read
On Tuesday, WTI crude oil prices were mixed during the Asian session, pressured by worries that the escalating Sino-US trade war could stall the global economy. Whereas, the US sanctions on crude oil exporters Iran and Venezuela supported to keep the market on edge.
Crude oil got a massive hit after the trade talks between the world’s two biggest nations hit a wall on Sunday after Donald Trump declared fresh import tariffs on Chinese goods. Which is why we still see a bearish impact on crude oil prices.
Crude Oil – Technical Analysis
- On the technical side, crude oil is facing strong resistance at 62.50.
- The 200 periods moving average is also suggesting resistance around the same level of 62.50.
- On the 4 hour timeframe, crude oil has filled yesterday’s gap to place a high around 62.50, which means oil has a potential to reverse lower now.
- The Stochastics has tested 80 and now taking a U-turn.
Support Resistance
61.31 62.53
60.72 63.15
59.51 64.37
Key Trading Level: 61.94
Consider selling below $62 with a stop loss above 62.30 and take profit around 61.45 today.
Good luck!
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ABOUT THE AUTHOR
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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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