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, November 21, 2011

Crude Oil (WTI) Technical Analysis 2011.11.21

Crude Oil made an up-thrust last week and topped at $103.25, followed by a massive selloff that sent the quotation well below $100.00.

What actually happened in the $100.00 area was that a lot of stop losses were activated, therefore creating a bullish impact on short term. This usually happens when a rising trend is in its final stage and represents an exhaustion move.

The bullish channel, represented by T1 and T3 lines, created an organized rise and the $100.00 was clearly a resistance zone, as mentioned in the past analysis:  .

The support is now set in the $94.70 – $95.30 area, given y previous lows and the 61.8% Fibonacci retracement of the whole rising swing started in early November. 

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