Hammer on weekly chart indicates tentative support at 80
The shorts covered. Hammer on the weekly chart for WTI indicates support around 80. It is not a perfect hammer which would have a smaller real body and a longer shadow. There was also the support at 80 back in June, 2012.
Daily chart for WTI shows the support level around 80
Daily candlestick chart for WTI showing the support level around 80. There was heavy volume on Thursday as the shorts covered. But the spinning top candlestick on Friday indicates ambivalence. It is not the time to go long or short. We will have to monitor future price action. There is a high probability the bears will take another run at testing the support level.
Reference the Monthly Oil Market Report from OPEC.
Expectations for next month’s Opec ministerial meeting now weigh heavily on the oil market after the sharpest sell-off in years over the past month, analysts said. Read the rest of the article………….
Excellent article from a Canadian perspective: In the oil sands, this is not the time to panic
“It is all about probabilities”
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
© 2014 TradeOnline.ca