Slower China GDP Weighs on Crude Oil – Trade Plan
Crude oil has crossed over the psychological trading level of $60 before violating the well-maintained trading range of $57.65 – $57.40....
What’s up, traders.
Just like another Monday, the forex market is lacking volatility and trading volume. Earlier today, crude oil prices slipped after China posted its slowest quarterly economic extension in at least 27 years, bolstering anxieties about demand in the world’s largest crude oil importer market.
China’s GDP (gross domestic product) decelerated to 6.2% in the second quarter from a year earlier, coming out exactly in line with economists forecasts, and the WTI demand at home and overseas stumbled as the Sino-US trade war stings.
- Technically, crude oil has crossed over the psychological trading level of $60 before violating the well-maintained trading range of $57.65 – $57.40. Both incidents suggest a strong bullish intention among investors.
- Crude oil has already accomplished our $58 and $60 targets and now it’s heading towards the target level of $61.35.
- Violation of this $61.35 target level can lead oil prices towards $63.27.
Support Resistance
60.04 60.83
59.63 61.21
58.84 62
Key Trading Level: 60.42
WTI Crude Oil – Trade Idea
The idea is to stay bearish below $60.40 with an initial target of $59.80. Below this, crude oil can drop further until $59.
Good luck!
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