WTI Oil Short Term Forecast: Breakout...But Not Yet!

FX:USOIL   CFDs on Crude Oil (WTI)
2281 18 25
WTI Oil             Short Term Forecast

We have seen a good recovery within the past week in crude prices, the price has managed to take the main descending trend line for the overall major bearish wave shown on chart, and that is constructive so far. However, watch carefully 54.25 horizontal resistance level which acts as a main barrier towards a deeper bullish rebound in crude prices. A break above that resistance at 54.25 will probably clear the way for further shift in the short term technical outlook towards a target of 58.70 areas.

Note that so long as price is trading within this triangle i outlined on chart, it will probably remains sideways biased.

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Any thoughts on Brent buddy

If valid it should lift WTI too.
Will you be so kind and give us a sign when a clear rejection or break out happens.
GumerShafigulin GumerShafigulin
the qHeston is addressed to Tecnician sorry
Technician GumerShafigulin
Will do my best , good luck
-1 Reply
In my point of view we see a kind of clear rejection. But I realized it too late (:
Technician GumerShafigulin
do not rush it mate, there is always an opportunity
-1 Reply
I will Be looking forward to your further instructions Becouse your analysis is so true.
Technician GumerShafigulin
-1 Reply
HexVex Technician
Your taking away all 0.3 of my UKOIL long people away with this neutral zone idea ;) You've seen Star Trek. The point of having a neutral zone is to know if the Klingon's respect Federation space. And the neutral zone is where seminal battles take place. (-100) ;)
Unfortunately, i haven't seen it :) .. today was a positive price action though , is that better ;)
-1 Reply
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