WTI Crude Oil, D1

On D1 chart the instrument is trying to consolidate above the strong resistance level of 69.50. Bollinger Bands reverse downwards, and the price range is reducing, which indicates the formation of the downtrend. MACD histogram is correcting at the zero mark and gives no clear signals for opening positions. Stochastic left the overbought area having formed the sell signal.

WTI Crude Oil, H4

On the H4 chart the instrument is approaching the moving average of Bollinger Bands from above. The indicator is directed sideways while the price range remains unchanged which is a ground for the continuation of the downward correction. MACD started increasing having formed a weak buy signal. Stochastic does not give clear signal for entering the market.

Support and resistance

Resistance levels: 69.90, 70.65, 71.61, 72.35, 73.42.

Support levels: 68.83, 68.14, 67.27, 66.10, 65.14.

Trading tips

Short positions may be opened below 68.80 with target at 67.80 and stop loss at 69.15. Implementation period: 1 day.

Long positions may be opened from 70.15 with target at 71.05 and stop loss at 69.70. Implementation period: 1-2 days.

WTI Crude Oil

BuySellSpread
64.91864.84375

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point68.75
Take Profit67.80
Stop Loss69.15
Support levels65.14, 66.10, 67.27, 68.14, 68.83, 69.90, 70.65, 71.61, 72.35, 73.42

Alternative scenario

RecommendationsBUY STOP
Entry Point70.15
Take Profit71.05
Stop Loss69.70
Support levels65.14, 66.10, 67.27, 68.14, 68.83, 69.90, 70.65, 71.61, 72.35, 73.42
WTI Crude Oil: technical analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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