Technical analytics

WTI market technical outlook

WTI

Daily chart:

Consolidation of the oil market is in progress, which is awaiting certainty from big players and politicians. High activity of ADX indicator is disturbing and we can treat it as a probability of an impulse as well as a false signal on flat market.

H4-chart:

As we see downward bounce off resistance $26 for a barrel (upper Bollinger band) is being confirmed. Thus we can consider short trades in direction 24.60 and 23.34 (middle and lower Bollinger bands).

H1-chart:

During today’s session the quotes most likely will stay within the one dollar range (25.02-26.00). We don’t see any signs of more active trading so far.

Expectations:

Flat in the 25.02-26.00 range.

Trading recommendations:

  1. Short term trades to both sides inside the 25.02-26.00 range,

  2. Mid-term shorts in direction 23.34.

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