WTI Technical Analysis
22 April 2016 – WTI
WTI surges above the 42.30 zone
• WTI surged yesterday after it hit support near the psychological figure of 40.00 (S3). The surge brought the price above the key resistance (now turned into support) area of 42.30 (S1) and I would now expect it to challenge the next barrier at 43.30 (R1). In my opinion, the break above 42.30 (S1) has turned the outlook back to the upside and as a result, I would expect a clear move above 43.30 (R1) to initially aim for the 44.00 (R2) line. Taking a look at our short-term oscillators, I see that the RSI edged up and hit resistance slightly below 70, while the MACD stands above both its zero and trigger lines and points north. These indicators detect positive momentum and magnify the case for WTI to continue trading higher. As for the bigger picture, the break above 42.30 (S1) has confirmed a forthcoming higher high on the daily chart, something that reinforces the prevailing medium-term uptrend.
• Support: 42.30 (S1), 41.15 (S2), 40.00 (S3)
• Resistance: 43.30 (R1), 44.00 (R2), 45.00 (R3)
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