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, May 16, 2012

The Crude Oil (WTI) price continues in the intermediate correction and reached now the strong support zone between the $90.00 and $92.00 levels.

The area of support is given by both long term and mid-term clues, especially Fibonacci levels and previous local highs and lows.

The mentioned support area could be a reversal zone for the next weeks but we need confirmation to look for a buy opportunity. In case of reversal in this area, the target will be in the $75.50 area. 

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