WTI Crude Oil Prices Soar – Sino-US Trade Progress Supports
Today in the early Asian session, WTI Crude Oil prices were flashing red despite the positive United States and China trade progress. Despite the positive developments, US Crude Oil WTI Futures fell 0.3% by 12:50.
US President Donald Trump said that the discussions with China have reached on the progressed track and gave a hint that deal is come to an end, as China wants to make a deal very badly.
The United States President Donald Trump said that many good things are happening with China. They want to make a deal very badly.
The increases last week began after the US Energy Information Administration surprised the market on Wednesday by announcing a 1.7-million-barrel decline in domestic crude inventories, against expectations for a 2.2-million-barrel build.
Notably, it gained some attention from Russia’s comments that it is extending cooperation with Saudi Arabia and OPEC to improve market stability and predictability.
Daily Support and Resistance
S3 54.06
S2 55.2
S1 55.93
Pivot Point 56.34
R1 57.07
R2 57.48
R3 58.62
WTI Crude Oil – Forex Trading Signal
Crude oil has entered the overbought zone, suggesting chances of bearish retracement. WTI crude oil is facing immediate resistance at 56.55 area along with a direct support level of 55.85.
Crude oil has chances to go for bearish retracement until 55.75, which marks the 23.6% retracement level, and below this, US oil may drop further until 55.40, the 38.2% Fibo level. The idea is to open a sell position on the violation of 55.85 level today. The bearish target remains 55.40 and 55.05.
Good luck!
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