global stocks slumps

WTI oil Technical Analysis Report 22 January, 2021

• WTI oil reversed from long-term resistance level 54,00
• Likely to fall to 50,00

WTI oil recently reversed down from the major long-term resistance level 54,00 (which previously reversed the price with the daily Evening Star in February of last year – as can be seen below) – intersecting with upper daily Bollinger Band. The downward reversal from the resistance level 54,00 created the smaller daily Shooting Star – which continued the active short-term ABC correction (iv) from the start of January.

Given the strength of the resistance level 54,00 – WTI oil is likely to fall further toward the next round support level 50,00 (target price for the completion of the active ABC correction (iv) intersecting with the daily up channel from November).

Was this post helpful?