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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Tuesday, October 11, 2011

Crude Oil (WTI) Technical Analysis 2011.10.11

Crude Oil is breaking down the channel


The Crude Oil prices rallied in the past week (including yesterday) in a bullish channel that now seems to be breaking.

This perfect up move in the channel, having no failures, is how an impulse wave should look like and a probable down move in the next hours will have a corrective function. The target is the $79.50-81.90 area and reversal signs at these prices may offer highly rewarding long position opportunities.



Posted by Adrian Filip at 3:54 PM
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