Technical analytics

WTI market technical outlook

WTI

Daily chart:

Trending potential of the market declines that is driving to mixed movements. As we see, this tendency remains in place. At the same time a bullish inside bar was formed from the dynamic support 63.80 (middle Bollinger band) that will facilitate recovery of oil in direction 66.84.

H4-chart:

Local upward phase of the market also allows us to go long reckoning on reaching the upper Bollinger band (66.69-66.84), from where, in turn, a new downward reversal is expected.

H1-chart:

Intraday pressure of the ADX dropped substantially that may limit volatility by the Bollinger bands 64.77-65.80 (black trajectory). As an alternative we should keep in mind an opportunity of short-term growth to 66.69 (red arrow).

 

Conclusions:

Main scenario: Flat in the 64.77-65.80 range.

Alternative scenario: Growth to 66.69 followed by a downward reversal.

Trading recommendations:

Short-term trades inside the 64.77-65.80 channel.