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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Friday, December 16, 2011

Crude Oil (WTI) Technical Analysis 2011.12.16

Crude Oil moved yesterday out of the indecision zone between $94.00 and $95.50 levels, now retesting the lower border that turned into first resistance.

I plotted on the H4 chart the most probable 2 scenarios that are pointing lower, in the $90.00 area as the main target for a down move. However, we have to pay attention to US Dollar price action and the news from Iran (instability rumors from this area will rise the oil price).

On the 15 min timeframe the chart shows strong resistance in the $94.30 - $94.90 area and by now we have conformation of bear intervention at $94.30 as the price moved away after retesting it.

Here, the target for a swing down (AB=CD) is in the $91.50 area. PAY  ATTENTION! Crude Oil can travel up to $94.90 (creatin a 3 wave up move correction) before the descending trend will resume(see it on the h4 chart).

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