Technical analytics

WTI market technical outlook

WTI

Daily chart:

Flat remains a prevailing tendency on oil market. Trading range still doesn't exceed the scope of the upper Bollinger bands (40.08-42.30).

H4-chart:

Locally an explicit triangle consolidation between 40.66-4085 (a merger of “slow” trend line and lower Bollinger band) and resistance at 41.79-42.10 (upper Bollinger band) is in progress.

There is enough room within this triangle therefore this tendency most likely will remain in place.

H1-chart:

On hourly chart we can note local dynamic levels of support/resistance: 40.90/41.16. Flat mode of Bollinger bands and low potential of ADX suggest the walls of this channel are suitable for short-term trading to both sides.

Conclusions:

Flat in the 40.90-41.46 range.

Trading recommendations:

Trades to both sides in the 40.90-41.46 channel.