Crude Oil Surges to Violate Bearish Channel – Trade Plan

WTI Crude Oil prices rose due to the Organization of Petroleum Exporting Countries (OPEC) showed that the supply is expected to increase slightly less than previously thought.
Non-OPEC supply is expected to rise 2.20 million barrels per day, down from 2.25 million in OPEC’s September report. OPEC also trimmed forecasts for global demand growth this year.
WTI crude oil also gained support on the sentiment that the United States and China could reach a positive outcome during this week. They are avoiding any kind of further increase in trade tensions. High-level negotiators from the two sides are currently meeting in Washington.
Moreover, the White House stated that the trade talks going unexpectedly well. However, more positive headlines regarding trade increased the chances of a currency deal this week. President Donald Trump also commented that the trade talks with China are going well.

Technically, WTI crude oil has violated the bearish channel, which was extending its resistance at 53. On the upper side, WTI crude oil is likely to find its next resistance at 54.80 area.
The 50 periods EMA is also staying at 54.80, and closing below this may help us capture a sell position.

Daily Support and Resistance
S3 49.63
S2 51.08
S1 51.82
Pivot Point 52.53
R1 53.27
R2 53.98
R3 55.42

WTI Crude Oil – Forex Trading Signal

The idea is to stay bearish below $55 with a stop loss over $55.23 and take profit at $53.50. On the flip side, buying can be seen above the $55 level as crude may head upwards to target $56.
Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

USOIL Breakout? WTI Crude Oil Eyes $64.80 Resistance

2 days ago

Save

Forex Signals April 24: Attention on Google, P&G and Pepsi Earnings Today

2 days ago

Save

WTI Crude Oil (USOIL) Eyes $64.54—Tariffs, Iran, and OPEC+ Shake the Chart

3 days ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments