Technical analytics

WTI market technical outlook


Daily chart:

Oil continues growing and is poised to enter resistance zone 43.63-44.80. It’s likely that ADX indicator will shift to the area of trending pressure by this time that will signify a substantial potential for further growth to 50.00.


Locally the asset settled above the latest high 43.15 and broke the upper Bollinger band. We note a trending state of ADX that firmly suggests a further bullish forecast. We expect the price at 44.80-45.00. 



Intraday dynamics of the market is on a trending level. Tangible boost of growth may take place as oil broke the hourly upper Bollinger band and grows amid very active ADX.


Main scenario: Growth to 44.80-45.00.

Alternative scenario: Break above 45.00 in direction 45.60-46.00.

Trading recommendations:

Longs to 44.80-45.00, 45.60, 46.00.

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