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 16, 2012

Crude Oil (WTI) Technical Analysis 2012.02.16

WTI Crude Oil hit the $102.00 resistance yesterday on the news that Iran stopped delivering oil for 5 European countries.

However, the news was quickly faded and the price consolidated around $101.50 until the Crude Oil Inventories at 15:30 GMT. The

The trend for today was bearish and the $101.30 level was the most important as the price broke and retested it. There are high chances of a broader correction in the future days, targeting the zone between the Fibonacci retracements of 38.2%($100.37) and 61.8%($99.30). 

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