Descending Triangle & 200 MA Pushing Crude Oil Lower
Arslan Butt • 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.
Key Trading Level: 61.94
Consider selling below $62 with a stop loss above 62.30 and take profit around 61.45 today.