Crude Oil Breaks Bullish – Get Ready for Buying Trade - Forex News by FX Leaders

Crude Oil Breaks Bullish – Get Ready for Buying Trade

Posted Friday, May 17, 2019 by
Arslan Butt • 1 min read

On Friday, WTI crude oil prices surged in Asian session and extended gains into a fourth straight day over rising Middle East tensions. By the time of writing this, crude oil is trading over $63 resistance, which is now working as a support.

The jump in oil prices began after as the latest tweet of Saudi Arabia’s vice-minister of defense and brother of the country’s de facto ruler Khalid bin Salman said that Iran ordered a drone attack.

Consequently, investors are concerned that the world’s largest oil-producing country wants to move toward with another battle and has chances to further increase oil prices.

Technically, crude oil has violated long-held sideways channel which kept oil prices under $63. Earlier today, crude oil has broken the range to trade above $63.

For now, $62.95 level is likely to work as support now, as the pair is heading north for $64. So, the idea is to stay bullish over $63 support. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments