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Home » Crude Oil » Crude Oil Today Technical Report 11/03/2016

Crude Oil Today Technical Report 11/03/2016

WTI traded higher on Thursday after it found support at 37.20 (S2). The price broke above the resistance (now turned into support) of 38.40 (S1) and now looks to be headed towards the 39.10 (R1) zone, marked by the peak of the 15th of December. The price structure on the 4-hour chart still suggests a short-term uptrend and as a result, I would expect a clear move above the 39.10 (R1) to open the way for the psychological area of 40.00 (R2). Looking at our short-term oscillators, I see that the RSI turned up again and now looks ready to move back above 70, while the MACD, already positive, has just crossed back above its trigger line. These indicators detect accelerating upside momentum and support the case for the positive move to continue. As for the bigger picture, the break above 34.40, 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.

OIL 11

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