WTI outlook: Look for direction signal on breach of $68 or $70 triggers

Slobodan Drvenica Windsor Brokers

WTI oil price rose over 1% on Monday after better than expected China’s manufacturing data boosted positive sentiment, while fresh concerns about the Middle East ceasefire collapse, add support.

Fresh gains peaked above $69.00 mark but were so far unable to hold gains, as Friday’s bearish candle with long upper shadow, points to solid offers.

Oil price remains below psychological $70 level for the sixth consecutive day and also hold below converged daily Tenkan/Kijun-sen ($69.69), with near-term action being also weighed by last Monday’s large bearish candle (oil price was down 3.25% in the biggest daily fall since Oct 14).

On the other hand, bears have so far found a temporary footstep at $68.00 zone that keeps near-term action within a range.

Technical studies are mixed on daily chart as 14-momentum is neutral, MA’s in bearish configuration and stochastic is oversold.

Look for direction signals on break of either $68.00 or $70 triggers.

Res: 69.33; 70.00; 70.30; 71.00.

Sup: 68.00; 66.93; 66.33; 65.26.

Interested in WTI technicals? Check out the key levels

1. R3 70.1
2. R2 69.53
3. R1 68.72
PP 68.15
1. S1 67.33
2. S2 66.77
3. S3 65.95

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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