Technical analytics

WTI market technical outlook

WTI
Daily chart:

Consolidation of oil at 41.50-42.00 is in progress. According to ADX readings that reside on a flat level, we can assume that this tendency will also remain in place today. 

H4-chart:

We note local borders of the sideways channel, which is confined by the Bollinger bands (41.08-42.34). Extremely low activity of ADX indicator almost expressly suggests potentially limited volatility.

H1-chart:

We note local levels of resistance 42.08 (upper Bollinger band) and support at the lower Bollinger band (41.46). Thus the most likely forecast today is flat in these boundaries.

Conclusions:

Main scenario: Flat in the 41.46-42.08 range.

Alternative scenario: Wider range of flat 41.08-42.34.

Trading recommendations:

Trading to both sides from the borders of one of the mentioned ranges.