Technical analytics

WTI market technical outlook


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.


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.


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.


Flat in the 39.54-41.00 range.

Trading recommendations:

Shorts from 41.00 to 39.54.