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).

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Thursday, September 22, 2011

Crude Oil (WTI) Technical Analysis 2011.09.22

This is the move I have expecting!

This is the move I have been expecting on Crude Oil (WTI). There were plenty of signals along that anticipated a highly probable down move.

Both of yesterday’s targets ($85,08 and $83,50) were hit by now and furthermore, the bearish move is stronger than anticipated. The nearest support is set at $80,24 and this area could prove to be a temporary low as the sellers could choose to close their positions and the buyers could bet on a reaction. However we do not have yet enough evidence for estimating a low around the current levels ($80,00-$80,24). The main resistance is set around the $83,20-$83,57 area, where the previous lows are set.

On the larger timeframe (Daily) we can see the broader outlook of the price action of the previous ½ years. The $80,00 area seems a strong support in this chart too but if it is broken, we could expect further bearish move towards the $70,00 area. If this scenario will turn out to be right, the price development is going to take a while (few weeks).

However, this chart will be further analyzed on the 30min time frame in order to find closer support and resistance and to create price action scenario for a timespan of a few days.


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