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).

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Wednesday, October 5, 2011

Crude Oil (WTI) Technical Analysis 2011.10.05

Crude Oil set up for a possible rally


The Crude Oil (WTI) price made a bottom in the $75.00 area yesterday by creating a double test of the support; this kind of bottoming pattern can produce important rallies.

Focusing on the most recent price action, the $77.00 area is clearly an important level of support (currently) and the presence of enough buyers here will turn back the price towards the up side.

The main resistance (and target in this situation) is set in the $79.60 area and this means that the price is in its half way distance of a possible up swing. This scenario is sustained by the consolidation pattern of the last hours that resembles the most with a flag (half-mast pattern).


Posted by Adrian Filip at 5:34 PM

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