Technical analytics

WTI market technical outlook

WTI
Daily chart:
Upper Bollinger band remains at 40.38. It seems that correction of oil market won’t take place without reaching this price. ADX remains in a trending zone, therefore long trades in medium term is a prevailing scenario.

H4-chart:

Strong local support at 36.30 (middle Bollinger band) is quite OK for long trades reckoning on movement to the upper band (38.02). We note a decline in ADX activity that may signify a drop of volatility.

H1-chart:

Intraday readings of ADX indicator are at flat level. Thus today’s trading range is likely to be limited by 36.00-37.17 (Bollinger bands)

Expectations:

Flat in the 36.00-37.17 range.

Trading recommendations:

Longs from 36.00 to 37.17 (and to 40.38 in medium term).

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