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Home » Daily Technical Reports » Crude Oil Today Technical Report 15/04/2016

Crude Oil Today Technical Report 15/04/2016

WTI traded in a sideways manner yesterday, oscillating between the support of 40.80 (S1) and the resistance of 42.55 (R1). Taking into account that the price is still trading above the uptrend line taken from the low of the 5th of April, I believe that the prevailing short-term uptrend remains intact. Nevertheless, looking at our short-term oscillators, I see signs that further sideways or even a downside pullback could be on the cards before the next positive leg. The RSI slid after it exited its above-70 territory, while the MACD has topped and fallen below its trigger line. As for the bigger picture, the break above 34.40 has turned the medium-term outlook positive in my opinion. Moreover, the recent short-term uptrend confirms that the retreat started on the 18th of March was just a corrective move. However, a clear close above 42.55 (R1) is needed to confirm a forthcoming higher high on the daily chart and signal the resumption of the medium-term uptrend.

OIL 15

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