18.12.2022 OIL WTI Technical analysis (Daily timeframe)

OIL WTI

WTI (OIL WTI) is known for high volatility, this applies mainly for the last 12 months or so. We can see that the price failed to break the bearish trendline and continues in downtrend. Now it’s the only question, how low can price drop? From a long-term view is price around 64 USD pretty reasonable. The most important information we should take from this analysis is that we’re still in downtrend. Look for opportunities to sell. RSI is still under 50, which is signal of ongoing downtrend. MACD signal long, but it’s the only indicator that does so. It’s better to have atleast two indicators showing the same direction. Volumes show growing interest in short positions. Bulls and Bears are on the decline. Be aware of news listed on the picture and follow the price on USD/CAD pair, because there’s a strong negative correlation with OIL WTI. 

Wish you great profits! 

written by Filip Lemon