Crude Oil Under Pressure – Trade War Sentiment Burdens

Posted Thursday, May 9, 2019 by
Arslan Butt • 1 min read

The trade war continues to dominate crude oil prices as the sentiment is still under the spotlight. As per recent updates, Beijing has warned that it will retaliate if the White House follows through on its plan to raise tariffs on Friday.

Another exciting news from Beijing, China is fully ready to protect its interests against the trade war with the United States, but China expects that the United States can resolve problems with the help of discussion rather than unilateral steps, the Chinese commerce ministry said on Thursday.

China seems to play a decisive role here as it is prepared to resolve concerns through dialogue instead of unilateral steps. This news could leave a positive impact on crude oil prices today.

Crude Oil – Technical Analysis

Despite that, crude oil is moving nowhere and is stuck in a narrow trading range of 62.50. Crude oil is facing strong resistance at 62.50. While the 200 MA (moving average) is suggesting resistance around the same level of 62.50.

Support Resistance
61.31 62.53
60.72 63.15
59.51 64.37
Key Trading Level: 61.94

Consider selling below $62.50 with a stop loss above 62.70 and take profit around 61.45 today. Whereas, buying is suggested above 62.60 for a quick 60 pips.

Good luck!

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