Technical analytics

WTI market technical outlook

WTI

 Daily chart:

So far the situation on the oil market remains the same. The rate is bracketed between support zone 55.87-57.44 and resistance 61.08. Most likely this tendency will remain in place today.

H4-chart:

Local trading range also keeps sideways mode. Bollinger bands have its local levels of support/resistance 58.44/60.56 that might prove sufficient amid extremely low activity from the ADX indicator.

H1-chart:

As we see, the sideways trend is being confirmed on all time-frames. Hourly chart offers cut-off levels 58.70-60.12. ADX indicator is in a sleep mode not showing any signs of probable high volatility today.

Conclusions:

Main scenario: Flat in the 58.70-60.12 range.

Alternative scenario: Wider range of flat in the 58.44-60.56 channel.

Trading recommendations:

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

 

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