Technical analytics

WTI market technical outlook

WTI

Daily chart:

Decline of the quotes goes on the back of weak ADX, therefore a break of support 37.85-38.01 at the lower Bollinger band is unlikely. But a slight extension of the downward wave to 36.70-36.84 might take place.

H4-chart:

Locally a downward tendency so far remains prevailing until the closest supports marked on the daily chart are not tested.

H1-chart:

Dynamic support zone at 38.15-38.35 (lower Bollinger band) will be tested amid active bearish ADX, therefore most likely it will get broken.

Conclusions:

Main scenario: Decline to 37.85-38.01, then upward bounce.

Alternative scenario: Break of 37.85 and further decline in direction 36.70-36.84 (in medium-term).

Trading recommendations:

  1. Shorts to 37.85-38.01 and perhaps to 36.70-36.84.

  2. Seeking probable buy signals at 37.85-38.01.

New articles