Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Monday, November 14, 2011

Crude Oil (WTI) Technical Analysis 2011.11.14

Crude Oil reached target zone!


Finally, the patience paid off in my crude oil (WTI) scenario posted on November 2nd (http://markettechnicalview.blogspot.com/2011/11/crude-oil-wti-technical-analysis.html ) where the main target was set in the $99.90 area.

The T1 trend line acted as a support the whole way up and it still does as long as the price will stay above it. Meantime, the T3 trend line kept the price in a narrow channel, acting as a resistance and the intersection with the horizontal resistance at $99.90 formed an important reversal point (possible, not really necessary).

The trend can still remain bullish but the current high stands for a selling or at least for reducing exposure. The first support is set by the T1 trend line and it is followed by the $94.00 area (previous highs) in case of a break down.


   
Posted by Adrian Filip at 12:17 PM
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