Technical analytics

WTI market technical outlook

WTI
Daily chart:

Oil keeps a tendency to day-to-day renewal of the highs. We can call the asset a bit overbought, however there are no other signs of probable stopping of the bulls.

H4-chart:

Locally we note triple divergence of RSI oscillator, which is a probable sign of buyers’ exhaustion. But key trending indicator ADX so far remains in an extreme zone, therefore it’s too early to discuss a reversal.

H1-chart:

Intraday we can’t rule out a downward correction to the middle Bollinger band (53.15-53.25) from where the market will try to settle above the round level 54.00.

Conclusions:

Main scenario: Extension of growth to 54.50 and 55.00.

Alternative scenario: Downward pullback to 53.15-53.25, then growth to 54.00 and 54.50.

Trading recommendations:

Longs to 54.50 and 55.00. Preferable entry zone is 53.15-53.25.

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