Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Monday, September 19, 2011

Crude Oil (WTI) Technical Analysis

Are the sellers in control already?

Crude Oil dropped on Friday after sellers kept their offer higher than the demand below the $90.23 main resistance.

Our first target on the short side was hit this morning as the price tested the lower border of the wedge (T1 line). Next, on the short term, we expect further decline as soon as the T1 trend line will break. The $86.50 area is clearly a key zone for the future price as it could hold as a support and, after the break of it, will stand as the main resistance.

There are two scenarios presented in the chart below (30 min. timeframe) that can fit the future market conditions. The $88.00 area is today’s resistance and a failure of breaking those levels will confirm the sellers’ strength. The main target in case of a down-break is set at $83.60 area.  


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