Technical analytics

WTI market technical outlook

WTI

Daily chart:

Flat on oil market is in progress. Reactions of ADX indicator are very sluggish and trading range is still limited by the scope of Bollinger bands (39.32-41.90). 

H4-chart:

A very strong local support zone is awaiting market at the area of lower Bollinger bands (40.57-40.83), where we can expect un upward bounce in direction 41.26 and 42.10.

H1-chart:

Extremely weak hourly ADX and stable horizontal range from Bollinger bands. Trading today will be limited by support zone 40.83-40.90 and resistance 41.46. 

Conclusions:

Flat in the 40.83-41.46 range.

Trading recommendations:

Short-term trades to both sides in the 40.83-41.46 range.