Green Pips with The WTI Crude Oil – What’s Next?
Traders, hope you enjoyed the classic shots in the WTI crude oil as it hit our 2nd take profit today at $49.25. Though we are not in the market anymore, it is important to note that the crude oil is still trading bullish.
Perhaps, the bullish wave began right after the release of the Crude Oil Inventories. The Energy Information Administration (EIA) never fails to surprise the crude oil traders. This is why today, in our earlier report entitled WTI Crude Oil Traders Cautious – Inventories Ahead, we recommended monitoring the crude oil inventories.
As per the EIA report, inventories fell to 0.89 million barrels over the previous week. However, the increase was somewhat lower than the expected figure of 1.2 million barrels. Hence, it seems the lower supplies results resulted in the price increase.
WTI Crude Oil 4- Hours Chart
WTI Crude Oil 4- Hours Chart
What's Next?
For now, I'm focusing on the triple top pattern which is formed in the 4 – hour chart. It is likely the crude oil will face resistance at $49.45. Besides that, the good thing is the RSI, which has entered the overbought territory.
Trading Signal: In my opinion, we can have a sell trade $49.45 with a stop loss above $49.75 along with a take profit at $48.85.
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