WTI Crude Oil Forming Lower Highs and Lower Lows - Forex News by FX Leaders

WTI Crude Oil Forming Lower Highs and Lower Lows

Posted Friday, July 19, 2019 by
Arslan Butt • 1 min read

What’s up, traders,

WTI crude oil prices retraced back to $56.30 as the US navy hit an Iranian drone. Today in the early Asian market, WTI crude oil price stayed bullish after the United States hit down an Iranian drone in the Strait of Hormuz in what Donald Trump described as a defensive action. The US.crude oil WTI Futures increased by 1.6% to $56.2.

The International Energy Agency (IEA) doesn’t anticipate WTI to surge significantly as the demand is slowing and there is an excess in global crude markets, its executive director said on Friday. Meanwhile, Stephen Innes stated that the indications that the US Federal Reserve will cut rates aggressively to support the economy were also behind Friday’s increases.

Support Resistance

54.6 57.19

53.43 58.61

50.8 461.2

Key Trading Level:56.02

On the technical side, crude oil has formed a lowers high and lowers low pattern on the 3-hour chart which is suggesting a strong bearish bias of traders. Crude may face immediate resistance at 56.30 along with support around 54.50.

On the other hand, the bullish breakout of 56.30 can lead to oil prices towards 57 and 58.50. I will be looking to take a sell position below 56 today.

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