Crude Oil Slipped to Lowest Since Late 2017- A Quick Trade Plan

A surprise build up in crude oil stockpiles in the United States, emerging crude supply and a darkening economic outlook caused oil plunged to their lowest since late 2017. For the moment, WTI trading near $53 and it looks we may have a forex trading signal for crude. Are you ready for it?

On Wednesday, the EIA reported a massive build of 4.9 million barrels inventories, compared with analysts’ expectations of 2.5 million barrels.

Looking at the technical side, crude oil has entered the strong oversold zone. Here’s an upward trendline which can support the oil near $53.

So, here’s the deal: we may see a bullish reversal in crude oil if it manages to hold above $52.85. Alternatively, a violation of $52.85 can push if deeper towards $52 and $51.45.

Good luck and trade with care!

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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.
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