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Home » Daily Technical Reports » Crude Oil Today Technical Report 12/04/2016

Crude Oil Today Technical Report 12/04/2016

WTI tried to emerge above the 40.50 (R1) resistance line, but failed to do so and then it retreated somewhat. The price structure on the 4-hour chart suggests a short-term uptrend and therefore, I would expect another attempt above 40.50 (R1) to set the stage for extensions towards the next hurdle of 41.80 (R2). Nevertheless, taking a look at our short-term oscillators, I would expect the corrective move to continue for a while, perhaps to test the 39.00 (S1) support zone. The RSI has fallen below its 70 line and is now pointing down, while the MACD, although positive, shows signs of topping as well. 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 short-term downtrend line drawn from the peak of the 18th of March confirms that the retreat started back then was just a corrective move.

OIL 12

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