Technical analytics

WTI market technical outlook

WTI

Daily chart:

Yesterday growth of oil slowed down a bit. Nevertheless bullish potential is in place and upper Bollinger band moved higher comparing to yesterday’s session and now resides at $37 for a barrel.

H4-chart:

We can open long trades from 30.00-30.74 (middle Bollinger band). Tangible correction of ADX indicator is in progress, therefore market may accumulate potential at this area for a while.

H1-chart:

Intraday dynamics of the market also resides on a flat level. Potential range of flat is the scope of Bollinger bands (31.43-32.83). The asset probably will stay in this channel today. 

Expectations:

Main scenario: Flat in the 31.43-32.83 range.

Alternative scenario: Decline to 30.74.

Trading recommendations:

Longs from 31.43 and 30.74.

 

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