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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Monday, February 13, 2012

Crude Oil (WTI) Technical Analysis

The Crude Oil (WTi) has tested the $100.00 resistance for 3 times in the last four sessions, putting some kind of bullish pressure on the market.

Although the Greek accord signed last night and IEA projections of lower demand have a bearish impact on crude prices, the bulls could be tempted if the price will break above the key resistance level of $100.00.  

The mid-term outlook shows a down sloping channel started in early January which can turn out to be just a corrective move for the larger rising trend. If this will be the case, Crude Oil can hit $103.50 target in a matter of days but this move will have to be sustained by strong fundamentals.

The first target in case of a break above $100.00 level is the $101.20 area that marks previous highs and lows.

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