Technical analytics

WTI market technical outlook

WTI

Daily chart:

Nothing changes - oil market remains within flat tendency and trading range doesn’t exceed the scope of upper Bollinger bands (40.19-41.90).

H4-chart:

Local resistance at the area of upper Bollinger band (41.12-41.21) is being tested. We note a slump of ADX potential, therefore there is a high probability of switching to downward phase in direction of support zone 40.19-40.41.

Intraday dynamics of ADX is at trending level, however given the overall conclusions form senior time-frames we suppose that resistance zone 41.31-41.35 won’t be overcome to today.

Conclusions:

We expect a touch of 41.31-41.35 and then switch of the market to decline in direction 40.77-40.81 and 40.19-4026.

Trading recommendations:

Shorts from 41.31-41.35 to 40.77-40.81 and 40.19-40.26.