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.
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.
Intermediate downtrend for WTI and a major break below 80
WTI Daily Chart
Chart for West Texas Intermediate showing the intermediate downtrend and the major break below support of 80. There is a tentative support level on the weekly chart around 77.50.
October 17, 2014: 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.
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View from the weekly chart
WTI 3-Year Weekly Chart
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“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.
Hammer on weekly chart indicates tentative support at 80
WTI 3-Year Weekly Chart
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.
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Daily chart for WTI shows the support level around 80
WTI Daily Candlestick Chart
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.
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………….
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.
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.
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.
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.
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.
