CRUDE OIL (WTI) Technical Outlook

14 oct 2020

a lot of questions about OIL.

on a daily the price is currently consolidating within a wide horizontal trading range.

41.0 - 41.5 is its resistance
36.1 - 37.0 is its support

while the price within a consolidating range, we expect bullish movements from its support
and bearish from its resistance.

for now, I remain bearish biased.

for intraday trading also consider a falling trend line,
while the market is above that, it serves as the resort for buyers to buy from.
in case of its bearish breakout, it will serve as a local resistance to sell from.

at some moment the consolidation range will be broken either to the upside or to the downside.
daily candle violations of its boundaries will show us the future market direction.