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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Monday, October 10, 2011

Crude Oil (WTI) Technical Analysis 2011.10.10

Crude Oil is oscillating in the main resistance zone


Crude Oil followed a bullish channel in the past few days in what seems to be a longer bullish move.

The T1 trend line was broke and has not been properly retested, signaling the power of the buyers. The prices are currently evolving in the main resistance zone and the upper border ($85.00 level) is a very strong level that has been tested along the previous months.

A break below the lower limit of the channel would set the market towards a further decline, targeting the $79.60 level. An intermediary support is set  at the $81.35 level. 


Posted by Adrian Filip at 3:37 PM
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