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Home » Crude Oil » Crude Oil Today Technical Chart 09/03/2016

Crude Oil Today Technical Chart 09/03/2016

WTI retreated on Tuesday, fell below 37.30 (R1) and hit support at 36.30 (S1). The price structure on the 4-hour chart still suggests a short-term uptrend and as a result, I would expect the bulls to regain momentum at some point and aim for another test near the 38.00 (R2) zone. A break above that zone would confirm a forthcoming higher high and could open the way for the next obstacle of 39.10 (R3). Looking at our short-term oscillators, I see that the RSI rebounded from near its 50 line, while the MACD, although below its trigger line, shows signs that it could turn up again. These indicators support somewhat that oil prices are likely to rebound in the short run. As for the bigger picture, the break above 34.40 (S3), the upper bound of the sideways range WTI had been trading from the 12th of February until the 2nd of March, has turned the medium-term outlook cautiously positive in my opinion. This is another reason I believe that the setback from 38.00 (R2) is likely to be short lived.

Oil 9

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