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Home » Daily Technical Reports » Crude Oil Today Technical Report 29/04/2016

Crude Oil Today Technical Report 29/04/2016

WTI continued moving higher on Thursday to hit resistance slightly below the 46.50 (R1) zone. Following the break above the key hurdle of 44.60 (S2), WTI gained upside momentum and added to its gains. A break above the 46.50 (R1) area could carry larger bullish implications and perhaps challenge our next resistance at 47.70 (R2). Looking at our momentums though, I see signs that the next move is most likely going to be lower before the bulls take control again. The RSI hit twice resistance at its 70 line and declined a bit, while the MACD, shows signs of topping and could fall below its trigger line. As for the bigger picture, the break above 44.60 (S2) has confirmed a forthcoming higher high on the daily chart, something that keeps the medium-term trend to the upside, in my view.

OIL 29OIL 29

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