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Home » Daily Technical Reports » Crude Oil Today Technical Report 28/04/2016

Crude Oil Today Technical Report 28/04/2016

WTI moved higher on Wednesday and broke above the resistance-turned-into-support area of 44.60 (S1). There were few attempts to break that level and rally but none of them found the necessary strength to push WTI above that territory, up until the disappointing Fed decision statement. The break above the 44.60 (S1) area is likely to carry larger bullish implications and could challenge perhaps our next resistance at 45.75 (R1). Our short term indicators emerged above their respective downslope resistance lines and support the case that WTI could continue a bit higher. As for the bigger picture, the break above 43.00 (S2) has confirmed a forthcoming higher high on the daily chart, something that has shifted the medium-term trend to the upside, in my view.

28 OIL

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