WTI Crude Oil: technical analysis
07 August 2019, 11:43
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 53.60 |
| Take Profit | 53.10 |
| Stop Loss | 54.04 |
| Key Levels | 50.49, 51.44, 51.96, 53.10, 54.04, 54.65, 55.20, 59.53 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 54.65 |
| Take Profit | 55.20 |
| Stop Loss | 54.30 |
| Key Levels | 50.49, 51.44, 51.96, 53.10, 54.04, 54.65, 55.20, 59.53 |
WTI Crude Oil, H4
On the 4-hour chart, the downtrend is still in force, the instrument was corrected to the lower border of Bollinger bands, the indicator cloud is expanding. The MACD histogram is in the negative area, keeping a signal to open short positions. Stochastic is in the neutral zone on the border with the oversold zone, the oscillator lines are reversing upwards.
WTI Crude Oil, D1
On the daily chart, a downtrend is relevant, the instrument is decreasing along the lower border of Bollinger bands, the price range is expanding. The MACD histogram is around the zero line, its volumes are minimal, the signal line moves horizontally, without forming a clear signal to enter the market. Stochastic is in the neutral zone on the border with the oversold zone, keeping a sell signal.
Key levels
Resistance levels: 54.04, 54.65, 55.20, 59.53.
Support levels: 53.10, 51.96, 51.44, 50.49.
Trading tips
Short positions can be opened from the current level with the target at 53.10 and stop loss 54.04.
Long positions can be opened from the level of 54.65 with the target at 55.20. Stop loss is 54.30.
Implementation period: 1–3 days.
On the 4-hour chart, the downtrend is still in force, the instrument was corrected to the lower border of Bollinger bands, the indicator cloud is expanding. The MACD histogram is in the negative area, keeping a signal to open short positions. Stochastic is in the neutral zone on the border with the oversold zone, the oscillator lines are reversing upwards.
WTI Crude Oil, D1
On the daily chart, a downtrend is relevant, the instrument is decreasing along the lower border of Bollinger bands, the price range is expanding. The MACD histogram is around the zero line, its volumes are minimal, the signal line moves horizontally, without forming a clear signal to enter the market. Stochastic is in the neutral zone on the border with the oversold zone, keeping a sell signal.
Key levels
Resistance levels: 54.04, 54.65, 55.20, 59.53.
Support levels: 53.10, 51.96, 51.44, 50.49.
Trading tips
Short positions can be opened from the current level with the target at 53.10 and stop loss 54.04.
Long positions can be opened from the level of 54.65 with the target at 55.20. Stop loss is 54.30.
Implementation period: 1–3 days.
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