Technical analytics

WTI market technical outlook


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.


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).


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.


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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