global stocks slumps

WTI Technical Analysis Report 29 October, 2020

  • WTI testing support level 36.55
  • Likely to fall to 35.00

WTI has been falling in the last few trading session inside the short-term downward impulse wave (i), which started earlier from the resistance level 41.50 (which is the upper boundary of the sideways price range inside which the price has been trading from the start of September). The price is currently testing the lower boundary of this price range at the support level 36.55, which is also strengthened by the lower daily Bollinger Band.

If the price breaks below the support level 36.55 – WTI can then be expected to fall further toward the next meaningful support level 35.00 (which stopped wave B in the middle of June). In the alternative scenario the price is likely to re-test the upper boundary of this price range at the resistance level 41.50.

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