We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Crude Oil Price Trades Modestly Higher Today

WTI Crude Oil price
WTI Crude Oil

Crude oil price is trading softly higher today. However, in spite of the fact that the price action had been creating a series of higher lows in the previous days, the bulls are unable to push the price above the $55.00 handle. It seems that investors are still worried that growing signs of economic weakness will eventually hurt the demand for crude oil.

Special free webinar for traders: Price Action & Market Structures for 2019. Register now.

At the end of the last week, the data from China’s National Bureau of Statistics showed weaker-than-expected growth as the GDP expanded at a 6% rate in the third quarter, the slowest in 27 years.

The crude oil price is trapped in the symmetrical triangle, thus reducing the space for further consolidation. The $54.50 mark represents currently the triangle resistances while the lower trend line will support the bulls at around $52.30.

As triangles are categorized as continuation patterns, watch out for a potential breakdown in crude oil prices in the coming days.Download our latest quarterly market outlook for our longer-term trade ideas.

Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.