Technical analytics

WTI market technical outlook

WTI

Daily chart:

Forming of strong upward wave of oil is in progress. We can get a testing of the upper Bollinger band (35.73) shortly. And break of this level, as we remember, will send the market by at least $8 higher to the 43.22 region.

H4-chart:

Locally we observe tangible overbought conditions that may interfere with market recovery above 35.73. Nevertheless upward potential is in place so far.

H1-chart:

Intraday potential of ADX is falling, therefore the most likely today’s scenario will flat-accumulation within the upper Bollinger bands (32.44-33.31).

Main scenario: Flat in the 32.44-33.31 range.

Alternative scenario: Break to 35.73.

Trading recommendations:

  1. Longs from 32.44 to 33.31 and 35.73.

  2. Short-term shorts from 33.31 to 32.44 are available.

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