Technical analytics

WTI market technical outlook

WTI

Daily chart:

Let’s note an increase of the upper Bollinger band by approximately one dollar in 24 hours. Now this dynamic resistance resides at 67.00-67.31 still keeping the reversal formation Double top. ADX didn’t reach the area of trending activity so far, therefore a break is unlikely today.

H4-chart:

Local bullish pressure is on a high level. Short positions on oil remain in priority on the back of price high renewal.

H1-chart:

Consolidation range of the market is limited by the upper Bollinger bands (66.10-67.11). We can expect the next momentum after the price goes beyond this range (red arrow).

Conclusions:

Main scenario: Growth in direction 67.31-67.50.

Alternative scenario: Consolidation in the 66.10-67.11 range.

Trading recommendations:

Longs to 67.31-67.50.