Crude Oil WTI Futures - Jan 22 (TF2)

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  • Bid/Ask:
  • Day's Range:
    69.50 - 72.90
  • Type:Commodity
  • Group:Energy
  • Unit:1 Barrel

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  • Here is some possible 1h technical chart in bigger picture for upcoming days.   It is just old man technical analysis, possible, but definitely NOT certain. Here we have fib based on last two weeks. Also, I included a support level (thick red line) which is still playing a role, as we can still see reactions on there. Possible head and shoulders is forming, as of today, bears have a clear presence. We may see a reaction at resistance (thick green line), which will be at 38.30s, if breached, we may get higher to 39s , but if the resistance will hold, I think we can go lower to form a right shoulder. Left shoulder was on 0.382fib, I expect the right one there too. From there, depends on reaction, we may test the first support level of 36.22. From there, another resistance test may occur, but if breached, it will indicate a continuous bearish trend and we may go lower to test 34.40s again. So mayor points to watch are 38.30s as resistance, 36.80s fib, and 36.22.
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