Major, intermediate and near-term trends are down.
Some observations from the above weekly chart for WTI:
- Support levels of $40, $38 and $35 did not hold.
- Long-term 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.
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