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Home » Daily Technical Reports » Crude Oil Today Technical Report 25/04/2016

Crude Oil Today Technical Report 25/04/2016

WTI declined after it hit resistance again near the 44.40 (R1) zone. There were few attempts to break that level and rally but none of them found much support and WTI is now again testing the 43.00 (S1) territory. A break below that level could aim for our next support at 41.50 (S2). Taking a look at our short-term oscillators, I see that the RSI could fall below its 50 line, while the MACD shows signs of topping and could cross below its trigger line. These momentum signs support the scenario that WTI could trade lower. I also see negative divergence between these indicators and the price action. These magnify the case for WTI to trade lower, at least in the next few days. As for the bigger picture, the break above 43.00 (S1) has confirmed a forthcoming higher high on the daily chart, something that has shifted the medium-term trend to the upside.

OIL 25

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