Tag Archives: oil

WTI is attempting to hold support near $48

Major trend is up, intermediate trend is sideways and the near-term trend is down

Reference my last chart analysis for WTI published December 12,2016 when oil was attemping the breakout at major resistance of $52.

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“Technical Analysis is about putting the probabilities on your side.”

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Natural Gas up 58.47% in 2016

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West Texas Intermediate up 44.92% in 2016

2016 Performance for Selected Commodities

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“Technical Analysis is about probabilities.”

$45 is a major support zone for West Texas Intermediate

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$50 is a major resistance zone

West Texas Intermediate 3-Year Chart

$45 was resistance on the way up so it is support on the way down. The reversal of roles is an important concept in technical analysis. Reference https://tradeonline.ca/2016/04/28/west-texas-intermediate-closes-resistance-45/

______________________________

“Technical Analysis is about probabilities.”