Trade n Trend

Home » Daily Technical Reports » Crude Oil Today Technical Report 07/04/2016

Crude Oil Today Technical Report 07/04/2016

WTI traded higher on Wednesday, breaking above the short-term downtrend line taken from the peak of the 18th of March. In my view, this turns the short-term picture somewhat positive and therefore, I would expect the bulls to target the 39.00 (R1) barrier. A break above that zone could aim for the round figure of 40.00 (R2). Both our short-term oscillators emerged above their downside resistance lines, supporting the notion. What is more, the RSI emerged above its 50 line, while the MACD has just turned positive. As for the bigger picture, the break above 34.40 has turned the medium-term outlook positive in my opinion. Moreover, the move above the aforementioned trend line confirms that the retreat started on the 18th of March was just a corrective move.

OIL 7

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: