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, January 16, 2012

Crude Oil trading scenario. 2012.01.16

The Crude Oil chart shows a forming break-retest-continuation pattern at T1 trend line level (the $98.00 area) and also in the 50% retracement of AB up-swing.

Having in mind that the intermediate trend is up (since early October) and the Middle East tensions are still threatening the supply, we are looking for BUY opportunities.

The first target is the $103.00 area (previous highs), followed by $108.60 level that represents the 100% extension of wave AB, starting from point C (wave CD). Besides these two areas of target, the traders will definitely take actions at $100.00 level that is currently resistance. 


Posted by Adrian Filip at 1:21 PM
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