Technical analytics

WTI market technical outlook

WTI
Daily chart:

Oil settled above the middle Bollinger band (40.56-40.63), but didn’t get further growth. Given the weak ADX readings we can assume that the market will remain in a flat in the 40.56-42.70 range.


H4-chart:

Locally a tendency to rise of the quotes in direction of the dynamic resistance 42.35 (upper Bollinger band ) remains in place. Demand area is 40.38-40.63.


H1-chart:

Extremely low activity of ADX suggests relatively small potential volatility within Bollinger bands (support at 40.63-40.70, resistance at 41.60-41.65). Thus a forecast for the day is a flat.

 

Conclusions:

Flat in the 40.63-41.65 range.

Trading recommendations:

Short-term trades to both sides inside the 40.63-41.65 range.

 

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