WTI Crude Oil Slipped to Biggest Weekly Loss – Technical Outlook
Arslan Butt • 1 min read
Oil prices recover but seem set for a most significant weekly loss of 2019. On Friday, WTI crude oil prices recovered more than 1%, but before this change, prices were on the way to a massive weekly loss. Rising stockpiles and anxiety over an economic slowdown began significant drops in crude oil earlier in the week.
US West Texas Intermediate ( WTI ) crude oil is up 1.3%, at $58.65 per barrel. In addition, OPEC has maintained supply cuts since the start of the year aimed at strengthening the market and decreasing prices.
Crude Oil – Technical Analysis
On the technical front, crude oil is facing support around $57.30, and at the same time, the black gold stays in the oversold zone.
As you can see on the 4-hour chart below, we have applied the Fibonacci retracement indicator, which is likely to provide resistance around 23.6% level at $58.65 and 38.2% retracement at $59.45.
Key Trading Level: 60.42
Crude Oil – Trading Signal
The idea is to stay bullish above $58 with a stop loss below $56.75 and take profit of $60.