Technical analytics

WTI market technical outlook

WTI

Daily chart:

Oil market again switched to a growth stage and the closest target for the bulls now is 63.91-64.00 (upper Bollinger band). ADX potential somewhat dropped, therefore we should additionally assess its reaction on testing of 64.00.

H4-chart:

Local trending potential is on a high level, therefore here we can consider long trades reckoning on momentum to 63.91-64.00.

H1-chart:

Intraday overbought conditions may drive to a short-term pullback of the price to the middle Bollinger band (61.20-61.42). Thus these prices appear the best possible for long positions.

 

Conclusions:

Main scenario: Extension of growth to 63.91-64.00.

Alternative scenario: Pullback to 61.20-61.42 followed by growth to 63.91-64.00.

Trading recommendations:

Longs to 63.91-64.00. Optimum entry zone is 61.20-61.42.

 

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