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, December 13, 2011

Crude Oil (WTI) Technical Analysis 2011.12.13

Last post on Crude Oil ( ) stated that the first bearish target at $98.00 was achieved and a bounce should occur (and it did).

As it turns out now, the $97.60 - $98.00 area created a strong support that was tested twice, forming a double bottom that could generate a bullish swing in the next days.

The last part of the rising wedge and the following price action formed a bearish channel (between T1 and T2 trend lines) that describes the market.

I plotted on the chart the 2 most possible price evolutions in the future couple of days. Whatever will be, I look for a break-retest-continuation price action in order to generate a good trade scenario.

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