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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Tuesday, November 22, 2011

Crude Oil (WTI) Technical Analysis 2011.11.22

Update for yesterday’s Crude Oil analysis ( ) you can see, the support zone was pretty clear and the re-bounce of the price off the $95.30 level confirms the fact that not only I was looking at a reverse in this area.

The slope and the internal structure of the swings from 17th of November looks like an impulse move down. Therefore, I expect that this current up move is a corrective one that could travel up to the resistance zone 2 ($100.00 area) before the down trend should resume. If this really is a corrective motion, we that should see a 3 wave structure (most common for corrections) and reversal candles around the resistance areas.

In the H1 chart I plotted the 2 most probable scenarios for the future couple of days. However, this is not infallible and if the buyers will prove to be stronger than the sellers, breaking up the resistance zones, then the prevailing up-trend could be resumed.  

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