CRUDE OIL (WTI) Technical Outlook

FX:USOIL   CFDs on Crude Oil (WTI)

a lot of questions about OIL .

on a daily the price is currently consolidating within a wide horizontal trading range.

41.0 - 41.5 is its resistance
36.1 - 37.0 is its support

while the price within a consolidating range, we expect bullish movements from its support
and bearish from its resistance.

for now, I remain bearish biased.

for intraday trading also consider a falling trend line ,
while the market is above that, it serves as the resort for buyers to buy from.
in case of its bearish breakout, it will serve as a local resistance to sell from.

at some moment the consolidation range will be broken either to the upside or to the downside.
daily candle violations of its boundaries will show us the future market direction.


Do you agree with my outlook?
+2 Reply
GWBFX VasilyPonomarev
@VasilyPonomarev, yes agreed, nice analysis mate ;)
@GWBFX, thank you buddy☺️
adrianccy VasilyPonomarev
@VasilyPonomarev hi, do you still keep this bearish view? Thanks
+1 Reply
Hi, Vasilu, I’m stuck with short at 39.99 any view if I should close it or wait plz? Thank you
Great analysis
very bad numbers from chinese CPI data so sell
@PipsMade, thank you for comment my friend:)
thanks for sharing it! 🦐🦐🦐
VasilyPonomarev plancton0618
@plancton0618, you are welcome buddy 🙏 🙏 🙏
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