Technical analytics

WTI market technical outlook

WTI

Daily chart:

The upper Bollinger band, being an important dynamic resistance level, resides at 65.55-66.00, therefore testing of this region is still possible before a full-fledged downward reversal of the trend will take place.

H4-chart:

Low trending potential of the ADX suggests probable consolidation of the oil market around the middle Bollinger band (64.15-64.33), where the bulls will accumulate volumes for movement to the upper boundary of the range (65.24-65.55).

 

H1-chart:

Intraday oil gets strong support at 64.15-64.33 (middle Bollinger band). Potential of growth is capped by the boundary of the upper Bollinger bands (64.94-65.24, black arrow).

As an alternative we can consider an option with decline of the rate to the lower Bollinger band (63.50-63.67).

 

Conclusions:

Main scenario: Flat in the 64.15-65.24 range.

Alternative scenario: Decline to 63.50-63.67.

Trading recommendations:

  1. Longs to 65.24.

  2. Shorts from 65.24 to 64.15.

New articles