WTI Crude Oil: technical analysis 20 June 2019, 10:59

WTI Crude Oil: technical analysis

20 June 2019, 10:59

Scenario
Timeframe	Intraday
Recommendation	BUY
Entry Point	55.14
Take Profit	56.70
Stop Loss	54.75
Key Levels	50.50, 51.62, 53.25, 54.76, 55.65, 56.70, 58.25, 59.61

Alternative scenario
Recommendation	SELL STOP
Entry Point	53.20
Take Profit	52.00
Stop Loss	53.70
Key Levels	50.50, 51.62, 53.25, 54.76, 55.65, 56.70, 58.25, 59.61

WTI Crude Oil, H4
On the H4 chart, the instrument is growing along the upper border of Bollinger Bands, the price range is expanding, which indicates a possible continuation of the upwards dynamics in the short term. MACD histogram is in the positive area and gaining volumes. The signal line is crossing the body of the histogram from below giving a buy signal. Stochastic is crossing the border of the overbought area from below.

WTI Crude Oil, D1
On the D1 chart, there is an upward correction, the downward trend is still in force; the instrument is trading near the midline of Bollinger Bands, the indicator cloud is shrinking. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is preparing to cross the overbought zone from below; there is still a signal to open long positions.

Key levels
Support levels: 54.76, 53.25, 51.62, 50.50.
Resistance levels: 55.65, 56.70, 58.25, 59.61.
Trading tips
According to technical indicators, in the short term, long positions could be opened from the current level with the target at 56.70 and stop loss at 54.75.
Short positions may be opened from the level of 53.20 with the target at 52.00 and stop loss at 53.70.
Implementation period: 1-3 days.