Technical Analysis of Crude Oil (WTI) on the Daily Timeframe 1D
On the daily chart, we can observe the formation of a symmetrical triangle pattern, where the price has reached the bottom of this pattern, aligning with a key support level at $66.06. This level has historically acted as strong support, preventing further declines.
Additionally, the Stochastic oscillator is near the oversold zone, indicating a potential decrease in selling pressure and a likely rebound in demand at this level.
Considering these factors, I anticipate that the price will break out of the triangle to the upside and continue its bullish movement toward the next resistance level at $78.10. However, as always, there is no certainty in the market, so proper risk management is essential.
This analysis is intended for educational purposes and as an idea for further exploration. The final trading decisions are the responsibility of traders.
Targets:
Resistance ahead: $78.10
Stop-loss:
A break and close below the $66.06 support level
What are your thoughts on this analysis?
Additionally, the Stochastic oscillator is near the oversold zone, indicating a potential decrease in selling pressure and a likely rebound in demand at this level.
Considering these factors, I anticipate that the price will break out of the triangle to the upside and continue its bullish movement toward the next resistance level at $78.10. However, as always, there is no certainty in the market, so proper risk management is essential.
This analysis is intended for educational purposes and as an idea for further exploration. The final trading decisions are the responsibility of traders.
Targets:
Resistance ahead: $78.10
Stop-loss:
A break and close below the $66.06 support level
What are your thoughts on this analysis?
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.