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.

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Monday, December 19, 2011

Crude Oil (WTI) Technical Analysis 2011.12.19

The Crude Oil (WTI) continues to hesitate in establishing a clear direction for the past few days.

Even though we are obviously in a down trend for the month of December, chances are prices to rally in the next coming days. To have a bullish scenario we should wait for confirmation; in my point of view break-retest-continuation are the best so I plotted on the chart the price evolution I am looking for.

The most significant resistance zone for now is between $94.30 and $94.80 levels and the support is in the $92.80 area. The bullish divergence on RSI also contributes to an eventual up-swing and the instability in the middle east is to be watched for eventual news.


Posted by Adrian Filip at 12:53 PM
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