Crude Oil Peaking Out of Range – Who’s Up for Buying?
Arslan Butt • 1 min read
WTI crude oil prices fell as the trade tensions stoked global economic worries. Today during the Asian markets, WTI crude oil prices sank due to demand concerns after the latest indication of the Sino-US trade war dragging down the international economy. Whereas, the potential for a dispute in the Middle East extended some support to crude oil.
WTI crude futures are trading around 57.50 at the time of covering this update and that’s exactly where I’m looking to open a buying trade to target $58. Well, WTI crude oil prices were remaining under pressure due to the trade war between the US and China, which are now heading into the second year. Failure to enter into a trade deal simply discourages the possibilities of progress for international economic growth, which hits oil demand.
We may see sudden buying in oil after Iran’s armed forces chief of staff, Major General Mohammad Bagheriagency said: “Britain’s seizure of an Iranian oil tanker off Gibraltar last week will not be “unanswered”.
At the moment, crude oil is looking outside the well-maintained trading range of $57.65 – $57.40. With that, our forex trading signal in crude oil is also doing pretty well. I’m expecting it to hit our $58 target soon. Right after that, I will try to enter another buying position upon retracement in crude oil as closing outside $57.65 resistance may bring further bullish trend in crude oil today.