WTI Crude Oil: technical analysis
07 February 2019, 10:06
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 53.44 |
| Take Profit | 52.85 |
| Stop Loss | 53.85 |
| Key Levels | 51.13, 51.62, 52.10, 52.72, 53.16, 54.22, 54.73, 55.19, 55.61 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 54.30 |
| Take Profit | 55.00 |
| Stop Loss | 54.00 |
| Key Levels | 51.13, 51.62, 52.10, 52.72, 53.16, 54.22, 54.73, 55.19, 55.61 |
WTI, D1
On the daily chart, the instrument is trading in a narrow lateral channel formed by the upper and center borders of Bollinger Bands, the uptrend is still in force. MACD histogram is in the positive area keeping a signal for the opening of long positions. Stochastic is in the neutral zone, and the lines of the oscillator are directed downwards.
WTI, H4
On the H4 chart, the instrument demonstrates sideways movement within the channel formed by the boundaries of Bollinger Bands; the price range is narrowing. MACD histogram is in the negative zone and its volumes are minimal. The signal line is crossing the zero level from above which is a sign for opening short positions. Stochastic is in the neutral zone, and the signal line of the oscillator is directed horizontally.
Key levels
Resistance levels: 54.22, 54.73, 55.19, 55.61.
Support levels: 53.16, 52.72, 52.10, 51.62, 51.13.
Trading tips
Short positions may be opened from the current level with target at 52.85 and stop loss at 53.85. Implementation time: 1-3 days.
Long positions may be opened from 54.30 with target at 55.00. Stop loss — 54.00. Implementation time: 3-5 days.
On the daily chart, the instrument is trading in a narrow lateral channel formed by the upper and center borders of Bollinger Bands, the uptrend is still in force. MACD histogram is in the positive area keeping a signal for the opening of long positions. Stochastic is in the neutral zone, and the lines of the oscillator are directed downwards.
WTI, H4
On the H4 chart, the instrument demonstrates sideways movement within the channel formed by the boundaries of Bollinger Bands; the price range is narrowing. MACD histogram is in the negative zone and its volumes are minimal. The signal line is crossing the zero level from above which is a sign for opening short positions. Stochastic is in the neutral zone, and the signal line of the oscillator is directed horizontally.
Key levels
Resistance levels: 54.22, 54.73, 55.19, 55.61.
Support levels: 53.16, 52.72, 52.10, 51.62, 51.13.
Trading tips
Short positions may be opened from the current level with target at 52.85 and stop loss at 53.85. Implementation time: 1-3 days.
Long positions may be opened from 54.30 with target at 55.00. Stop loss — 54.00. Implementation time: 3-5 days.
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