WTI Crude Oil: technical analysis
22 July 2019, 12:26
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 56.65 |
| Take Profit | 60.00 |
| Stop Loss | 55.50 |
| Key Levels | 50.50, 52.00, 54.70, 57.00, 58.35, 60.00, 60.90 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 54.70 |
| Take Profit | 52.00 |
| Stop Loss | 55.70 |
| Key Levels | 50.50, 52.00, 54.70, 57.00, 58.35, 60.00, 60.90 |
WTI Crude Oil, H4
On the 4-hour chart, the instrument was corrected to the middle line of Bollinger bands. The indicator cloud is narrowing, which indicates the likely beginning of a sideways trend formation. The MACD histogram is in the negative region, keeping the signal to open short positions. Stochastic crosses the overbought zone upwards, keeping the signal to open long positions.
WTI Crude Oil, D1
On the daily chart, a sideways trend is developing. The instrument is trading within the corridor formed by the boundaries of Bollinger bands, the indicator cloud is narrowed. The MACD histogram is near the zero line, its volumes are minimal, the signal line is horizontal. Stochastic is on the border of the neutral zone with the oversold zone, the signal line of the oscillator is directed downwards.
Key levels
Resistance levels: 57.00, 58.35, 60.00, 60.90.
Support levels: 54.70, 52.00, 50.50.
Trading tips
Long positions can be opened from the current level with the target at 60.00 and stop loss 55.50.
Short positions can be opened from the level of 54.70 with the target at 52.00. Stop loss is 55.70.
Implementation period: 1–3 days.
On the 4-hour chart, the instrument was corrected to the middle line of Bollinger bands. The indicator cloud is narrowing, which indicates the likely beginning of a sideways trend formation. The MACD histogram is in the negative region, keeping the signal to open short positions. Stochastic crosses the overbought zone upwards, keeping the signal to open long positions.
WTI Crude Oil, D1
On the daily chart, a sideways trend is developing. The instrument is trading within the corridor formed by the boundaries of Bollinger bands, the indicator cloud is narrowed. The MACD histogram is near the zero line, its volumes are minimal, the signal line is horizontal. Stochastic is on the border of the neutral zone with the oversold zone, the signal line of the oscillator is directed downwards.
Key levels
Resistance levels: 57.00, 58.35, 60.00, 60.90.
Support levels: 54.70, 52.00, 50.50.
Trading tips
Long positions can be opened from the current level with the target at 60.00 and stop loss 55.50.
Short positions can be opened from the level of 54.70 with the target at 52.00. Stop loss is 55.70.
Implementation period: 1–3 days.
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