Technical analytics

WTI market technical outlook


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). 


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.


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. 


Flat in the 40.83-41.46 range.

Trading recommendations:

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