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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Tuesday, January 24, 2012

Crude Oil (WTI) Technical Analysis 2012.01.24

The WTI Crude Oil Future price retested yesterday the T1 trend line that represents a good support for this year.

The longer trend, started in early October 2011, is bullish, with higher highs and higher lows and it could resume if the T1 support will hold.

The main support zone is $97.17-$98.46 area, represented by 50% and 62% retracement of the previous upswing and also by the influence zone of T1.

The first target on the long side is set by previous local highs, in the $103.90 area.

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