Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

WTI Forecast: Break Up Of $50 Will Open Target On 52.70

Published 06/07/2016, 06:42 AM
Updated 07/09/2023, 06:31 AM

WTI

Weekly forecast, - 10: break up of $50 will open target on 52.70

Main scenario:
The pair is trading along a sideways trend between support 48.00 and resistance 50.00, from that we can expect correction to support 48.00.
A downtrend will start as soon, as the pair drops below support level 48.00, which will be followed by moving down to support level 46.00

Alternative scenario:
The uptrend may be expected to continue in case the market rises above resistance level 50.00, which will be followed by reaching resistance level 52.70.

WTI Crude Oil 4 Hour Chart

Previous forecast:

Oil 4 Hour Chart

Monthly forecast, June 2016: further break up of $50 will open target on $60

Main scenario:
The pair is trading along a sideways trend between support 48.00 and resistance 50.00.
The uptrend may be expected to continue in case the market rises above resistance level 50.00, which will be followed by reaching resistance level 52.70 and 60.

Alternative scenario:
A downtrend will start as soon as the pair drops below support level 48.00, which will be followed by moving down to support level 46.00 and 41.00.

US Oil Daily Chart

Previous forecast:
US Oil Daily Chart

Quarterly forecast, January - March 2016

Main scenario:
The pair is trading along a downtrend with target on 28.00 - 24.00, that may be expected to continue, while pair is trading below resistance level 40.00.

Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 40.00, which will be followed by moving up to resistance level 48.00.

US Oil Weekly Chart

Yearly forecast, 2016

Main scenario:
The pair is trading along a downtrend with target on 28.00 - 24.00 that may be expected to continue, while pair is trading below resistance level 48.00

Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 48.00, which will be followed by moving up to resistance level 60.00 and then to 75.00.

US Oil Monthly Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.