WTI broke out of the 2019 resistance during 2021 in a megaphone which formed another two areas of support and resistance. The sharp decline from the peak of 2022 then brought prices back to the previous support area and is now testing the 2021 and 2023 support and resistance area. There is a channel forming where the resistance should break to end the decline or proceed back to the next area of support and resistance.
Note
Dec 18th
WTI is resisting entry into over sold on the yearly and RSI has rose back slightly back above over sold. There may be some support for some scalping. Although, the moving average is bearish long-term.
Note
Dec 18th
Monthly the MACD is rising and the RSI trading in a shallow range above over sold. There is also a rolling up appearance and moving averages are testing above the 200.
Note
Dec 18th
The price action is to the upside over the five day period. Although, the MACD is tight and may diverge in either direction. There were there point of test in the MACD thus far moving up slightly from the previous low. RSI is trading with some interest just above oversold and to over bought.
Note
Dec 18th
WTI has been range bound on the daily and has not been showing support.
Note
The bollinger bands are narrowing and indicates a possible change in direction.Note
Dec 18th
There is a possible head and shoulder over the monthly interval if support holds at about $69.
Note
Local support should remain above $72.61 to maintain support here while still in a tight band until it breaks $72.89.Note
Dec 19th
WTI broke above local support after consolidating and buyers appear to remain in control. Moving averages remain bullish over the five day. This may meet resistance around $74.25.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.