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Current trendQuotes of WTI Crude Oil have continued to decline since the end of last month and have now left the ascending channel, testing the 95.45 mark (Fibo retracement 50.0%). Consolidation of the price below it will allow the movement to continue up to 87.50 (Fibo retracement 61.8%, Murray [-2/8]). The key for the "bulls" is a strong resistance level of 102.50 (Fibo retracement 38.2%, the middle line of the Bollinger Bands), the breakout of which will act as catalysts for upward dynamics to the area of 106.25 (Murray [1/8]), 112.00 (Fibo retracement 23.6%, Murray [2/8]), however, this option is currently estimated as less probable.Technical indicators point out the continuation of the current trend: the Bollinger Bands and the Stochastic have reversed downwards, the MACD histogram is stable in the negative zone. Support and resistanceResistance levels: 102.50, 106.25, 112.00.Support levels: 95.45, 87.50, 85.00.
Long positions may be opened above 102.50 with targets at 106.25, 112.00 and stop-loss at 99.30.ScenarioTimeframe WeeklyRecommendation SELL STOPEntry Point 95.45Take Profit 87.50Stop Loss 100.00Key Levels 85.00, 87.50, 95.45, 102.50, 106.25, 112.00Alternative scenarioRecommendation BUY STOPEntry Point 102.55Take Profit 106.25, 112.00Stop Loss 99.30Key Levels 85.00, 87.50, 95.45, 102.50, 106.25, 112.00
Long positions may be opened above 102.50 with targets at 106.25, 112.00 and stop-loss at 99.30.ScenarioTimeframe WeeklyRecommendation SELL STOPEntry Point 95.45Take Profit 87.50Stop Loss 100.00Key Levels 85.00, 87.50, 95.45, 102.50, 106.25, 112.00Alternative scenarioRecommendation BUY STOPEntry Point 102.55Take Profit 106.25, 112.00Stop Loss 99.30Key Levels 85.00, 87.50, 95.45, 102.50, 106.25, 112.00