Technical analytics

WTI market technical outlook

WTI

Daily chart:

As we supposed, oil somewhat slumped yesterday, though the fall remains within the Bollinger bands (39.54-41-96). ADX indicator showed zero reaction on this movement, therefore flat is likely to continue.

H4-chart:

Local lower Bollinger band was broken, therefore the asset probably will be sold out from the middle band (resistance zone 40.75-41.00). And stopping support level so far is 39.20-39.54.

H1-chart:

On hourly chart the quotes are consolidating in the range of contracting Bollinger bands (support at 39.54-39.82, resistance is 40.75-41.00). ADX indicator switched to correction, therefore the main events on oil market are going to take place after the weekend already.

Conclusions:

Flat in the 39.54-41.00 range.

Trading recommendations:

Shorts from 41.00 to 39.54.