Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

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Friday, December 9, 2011

Crude Oil (WTI) Technical Analysis 2011.12.09

Crude Oil reached the first target, at $98.00 set in the previous analysis (http://markettechnicalview.blogspot.com/2011/12/crude-oil-wti-technical-analysis_07.html ), after breaking the rising wedge.

The second target is set in the $95.50 area but I expect a correction (up move) from the $98.00 zone, before the possible trend resuming. Therefore, I would close another few contracts here (in addition to those close yesterday when the target was achieved).








The 15min chart shows a falling wedge at the end of a sell-off that is highly probable to generate a rally towards the $99.12 and $99.60 levels. The scenario I am looking for is a break-retest-continuation in the rising direction (as shown in the chart).




Posted by Adrian Filip at 11:01 AM
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