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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Tuesday, December 6, 2011

Crude Oil (WTI) Technical Analysis 2011.12.06

Rising wedge on WTI

Crude Oil (WTI) formed a rising wedge since late November, failing though to reach the mid-November highs, in the $103,00 area.

The highs of 5th of December, at $102,50 could be the high of the future few weeks. The failure to reach the previous highs confirms the bullish weakness.

The rising wedge pattern has a high probability in Crude Oil and the waves confirm an ending diagonal triangle (Elliott Waves) having the internal structure of 3-3-3-3-3.

The most probable outcome of the price action in case of a break down will be as the one formed in mid-November:  1.break – 2.retest – 3.continuation.

There are two scenarios plotted on the chart, depending on the correct T3 trend-line. The $100,00 level is an important level on the future days and the target on the down side is at $98.00, followed by the $95.50 area.

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