Technical analytics

WTI market technical outlook

WTI

Daily chart:

Oil market remains in a flat. The price constantly strives for equilibrium at the area of the middle Bollinger band 39.61-40.16.

H4-chart:

Current phase is limited by support 39.22 (lower Bollinger band), where we would expect an upward pullback to the upper boundary of the range (40.70).

H1-chart:

On the hourly chart bearish pressure is in place that also speaks for reaching the 39.35 target before a new upward reversal. Intermediate support level is 39.61.

Conclusions:

Decline to 39.61 and 39.35. Afterwards an upward reversal in direction 40.70.

Trading recommendations:

  1. Shorts to 39.65 and 39.35.

  2. Longs from 39.35 to 40.70.

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