Technical analytics

WTI market technical outlook

WTI
Daily chart:
Very active trending bullish ADX suggests high probability of extension of oil recovery to 34.07 first (upper Bollinger band) and then market probably will go to cover the gap at the area of $41-42 for a barrel of Texas oil.

H4-chart:

Locally we can also record domination of bulls. ADX is pressure is very high, therefore we can expect an exit beyond the Bollinger bands and reaching the 34.07 target.

H1-chart:

Here we also a confirmation of bullish trend: steady growth of the quotes goes on the back of growing ADX readings. We can consider only long trades on such market.

Expectations:

We expect growth to 34.07 with aim at further movement in direction 41.00-42.00.

Trading recommendations:

Longs to 34.07 and 41.00-42.00 (in medium-term).

 

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