Technical analytics

WTI market technical outlook


Daily chart:

A very good upward bounce off support 38.27-38.70 yesterday drove the forming of a bullish inside bar. Within the flat market it’s not a direct long setup, however it can quite let oil recover to resistance 41.40-41.83. But a small chance to go higher - there we have a strong dynamic resistance provided by the upper Bollinger band.



We also note a strong local barrier on the way of growth at 41.22-41.40. We expect reaching this zone followed by a downward reversal.


Intraday resistance 40.75 will be tested amid tangible overbought conditions, therefore the market might get a downward correction form this level as well. Target support is 39.83-40.00 (middle Bollinger band).


Main scenario: Growth to 40.75. then a downward pullback in direction 39.83-40.00.

Alternative scenario: Break above 40.75 and growth to 41.2241.40. Then a switch to downward correction.

Trading recommendations:

  1. Longs to 40.75 and 41.22-41.40.

  2. Seeking local sell signals at 40.75, 41.22, 41.40.