West Texas Intermediate down 11.91% for the week

Ominous shaven head and shaven bottom candlestick
Chart for WTI showing the weekly decline of 11.91% which is represented on the chart as a tall dark candlestick.

West Texas Intermediate 4-year Chart

Some observations from the above weekly chart for WTI:

  • Major, intermediate and near-term downtrend for WTI.
  • Support levels of $40 and $38 did not hold.
  • Ominous shaven head and shaven bottom candlestick last week.
  • Can WTI hold above $35?
  • Major support (not shown) is now the 2009 low of $33.55.
  • A break below $33.55 (not shown) indicates that 30, 20 and 10 are in play.

Reference the last chart analysis for WTI showing the break below support of $38.


“Technical Analysis is 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.

© 2015 TradeOnline.ca

Positive SSL on a transparent background

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.