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Home » Daily Technical Reports » Crude Oil Today Technical Report 29/03/2016

Crude Oil Today Technical Report 29/03/2016

WTI traded lower on Monday and today during the early European morning, it looks to be headed for another test at the 38.50 (S1) support line. Given that on the 23rd of March, the price fell below the upside support line taken from the low of the 24th of February, I would consider the short-term picture to be negative. I would expect a dip below the 38.50 (S1) barrier to initially aim for the 37.70 (S2) barrier, defined by the low of the 15th of March. Our short-term oscillators support the notion as well. The RSI turned down after it found resistance slightly below its 50 line, while the MACD stands below both its zero and trigger lines and looks able to turn down again. 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 positive in my opinion. Therefore, I would treat the short-term downtrend, or any extensions of it, as a corrective move for now.

OIL 29

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