Trade n Trend

Home » Daily Technical Reports » Crude Oil Today Technical Report 27/04/2016

Crude Oil Today Technical Report 27/04/2016

WTI moved higher to hit resistance again near the 44.60 (R1) zone. There were a few attempts to break that level and rally but none of them found the necessary strength to push WTI above that territory. A decisive break above the 44.60 (R1) area is needed to carry larger bullish implications. Our short term indicators though, support the scenario that WTI could trade lower before the next leg higher. The RSI and the MACD found resistance at their black downside lines and turned down. I also see negative divergence between these indicators and the price action, which magnifies 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 27

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: