WTI Crude Oil: Murrey analysis 18 May 2018, 15:08

WTI Crude Oil: Murrey analysis

18 May 2018, 15:08

Scenario
Timeframe	Weekly
Recommendation	BUY STOP
Entry Point	71.95
Take Profit	73.43, 75.00
Stop Loss	71.20
Key Levels	68.75, 69.53, 70.31, 71.87, 73.43, 75.00

Alternative scenario
Recommendation	BUY STOP
Entry Point	71.05
Take Profit	70.31, 69.53
Stop Loss	71.50
Key Levels	68.75, 69.53, 70.31, 71.87, 73.43, 75.00

This week, the price of WTI Crude oil continued to grow and is now testing the 71.87 mark ([6/8]). Its breakout will give the prospect of further growth to the levels of 73.43 ([7/8]) and 75.00 ([8/8]). Technical indicators generally confirm the development of an uptrend: Bollinger Bands are directed upwards, and MACD histogram grows in the positive zone; Stochastic is directed downwards, but it makes a reversal attempt.
In the price fails to consolidate above 71.87, correction to the mid-range of Bollinger Bands (69.53) or to the mid-range of the Murray trade range (68.75 [4/8]) is possible. But so far this scenario seems less probable.
Support and resistance
Support levels: 70.31 ([5/8]), 69.53 ([1/8], H4), 68.75 ([4/8]).
Resistance levels: 71.87 ([6/8]), 73.43 ([7/8]), 75.00 ([8/8]).

Trading tips
Long positions may be opened above the 71.87 mark with targets at 73.43, 75.00 and the stop-loss at 71.20.
Short positions may be opened from the level of 71.00 with targets at 70.31, 69.53 and the stop-loss at 71.50.
Implementation time: 5-7 days.