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, February 22, 2012

Crude Oil (WTI) Technical Analysis 2012.02.22

One of the previous analysis on Crude Oil (WTI) showed that the January 2012 decline had high chances to provide buying opportunities as the move had a corrective development ( .

As the upper limit of the bearish channel was breached, the price moved towards the previous highs area ($103.50) rather quickly. Moreover, the good signs from Greece and the tensions in Iran lead to more bullishness.

Starting from the mid-December, the price formed an AB=CD structure and the $106.00 level could be a pivot point. In case of a reversal, the equilibrium zone is set in the 50% retracement of the previous rally, around the $101.00 area. 

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