Technical analytics

WTI market technical outlook

WTI

Daily chart:

The situation remains unchanged so far: a wide range of flat between zones of support (56.16-57.44) and resistance (61.36-61.56). A criteria for exiting flat could be an activity from the ADX indicator, which is absent so far.

H4-chart:

Flat mode of the ADX indicator confirms further sideways scenario. Boundaries of the range are 57.44-62.00. Consolidation area is 59.53-59.89 (middle Bollinger band).

 

H1-chart:

Intraday dynamics of the oil market doesn't leave any doubts that the players aren’t ready to take any extraordinary actions so far. The asset is confined by the support zone 58.30-58.76 from the downside and by resistance 60.30-60.75 from the upside. The price may stay in this channel for a long time yet. 

 

Conclusions:

Main scenario: Flat in the 58.76-60.30 range.

Alternative scenario: Wider flat 58.30-60.75.

Trading recommendations:

Short-term trades from the boundaries of one of the mentioned channels.

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