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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Wednesday, January 4, 2012

Crude Oil (WTI) Technical Analysis 2012.01.04

Crude Oil (WTI) is testing the mid November highs, in the $103.00 area, as the instability in Iran is keeping up the tensions.

Technically speaking, we missed a good opportunity in the final days of 2011 when a break-retest-continuation pattern has formed.  The decisive fact was the importance of T1 trend line on the short term, which acted as resistance and support afterwards.

As a whole, the 4h chart shows a correction between the 17th of November and 18th of December and this can lead to breaking late May and mid November highs. 


Posted by Adrian Filip at 3:44 PM
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