Technical Analysis: WTI Crude Oil | Live Trading News

Technical Analysis: WTI Crude Oil

Posted by: : Paul EbelingPosted on: July 9, 2014Technical Analysis: WTI Crude Oil

WTI Crude Oil retested 103.10, that represent strong support in front of the price’s Bearish attempts, as the 50 and 100-Day SMA are still putting negative pressure on the intra-day trading, making for a Bearish bias in the upcoming session, and the target is testing 102.55.

The expected Southside move remains valid unless the price breaks 104.10 and stabilize above it.

But, Stochastics and the RSI are  Bullish signalling that sideways to higher prices are possible near term. If WTI Crude Oil  extends its rally, February’s high crossing is the next Northside target.

Multiple closes below the 20-Day MA crossing  temper the outlook.

Support: 103.10, 102.55, 102.00, 101.60, 100.75

Resistance: 104.10, 104.80, 105.20, 105.80, 106.85

Recommendation: Sell below 104.10, targets at 103.10, 102.55. Stop loss above 105.20

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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Technical Analysis: WTI Crude Oil | Live Trading News

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