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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Tuesday, January 31, 2012

Crude Oil trend is up

Crude Oil (WTI) traded below T2 trend line for about a month and broke today above the resistance, setting though the market for further rise.
The previous analysis (, in 24th of January, stated that the $97.00-$98.40 area is a strong support and the January move seems to be just a correction a larger rising trend.
As the break-out above the trend line already happened, there is a high probability to see a retest of it as a support (like shown in the chart). The older target at $103.00 area is still in place and an intermediary target can be set at $102.00 level. 

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