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.

Search This Blog

Wednesday, November 2, 2011

Crude Oil (WTI) Technical Analysis 2011.11.02

Crude Oil set to continue the up-move

Previous analysis on WTI Crude Oil (2011.10.27) predicted a range evolution of price above the $90.00 support level and the closest resistance was established at $94.00 level.

The up trend from the early Octomber still looks strong as the confluence of supports (T1 trend line and 90.00 horizontal level) triggered a bounce towards the first resistance.  The next days are likely to bring new highs on Crude as long as the buyers can keep their bids in this range area.

The range from the 25th of octomber until now seems to be a continuation pattern in the prevailing trend and the possible evolution plotted on the chart sets the main target in the $99,90 area. As the price halted in the $94.00 area we expect this level to act as a support after an eventual break of it.

The first signal of a failure of this move (up) will be the clear break below the $90.00 support level. 

No comments:

Post a Comment