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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Thursday, February 2, 2012

Crude Oil (WTI) Technical Analysis 2012.02.02

The Crude Oil one hour chart shows a falling wedge that formed in the last couple of days.

This pattern is very reliable on the Crude Oil chart but a break above T3 trend line should occur in order to confirm a reversal. The internal structure of the wedge is made of five waves and if we correlate this with the Elliott Wave principle, the price reversal would indicate a rise up to $98.50 level (at least).

A good support is also offered by the longer T2 trend line.

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