WTI: technical analysis and trading recommendations_01/15/2021


Despite today's decline, WTI crude is traded in the bull market zone, above the key support levels 49.80 (ЕМА200 on the weekly chart), 42.90 (ЕМА200 on the daily chart).

The price also remains above the important short-term support levels 51.69 (ЕМА200 on the 1-hour chart), 48.23 (ЕМА200 on the 4-hour chart).

Above the support level 51.69, nothing threatens long positions, and in case of resumption of positive dynamics, and after the breakdown of the local resistance level 53.87 (12-month highs), the growth of the WTI oil price will continue towards the resistance level 55.30 (ЕМА200 on the monthly chart) and, possibly, above.

In an alternative scenario, after the breakdown of the support levels 49.80, 48.23, the price risks switching to a downtrend again. Breakdown of the support levels 42.90, 41.90 (Fibonacci level 61.8% of the upward correction to the fall from the highs of this year near the level of 65.65 to the local minimum of 3.42) will increase the risks of a renewed bearish trend in WTI oil.

The first signal for the implementation of this scenario will be a breakout of the important short-term support level 51.69 (ЕМА200 on the 1-hour chart).

Support levels: 51.69, 49.80, 48.23, 42.90, 41.90, 36.05, 34.50

Resistance levels: 53.87, 55.30, 59.50

Trading recommendations

Sell Stop 51.60. Stop-Loss 52.75. Take-Profit 51.00, 49.80, 48.23, 42.90, 41.90, 36.05, 34.50

Buy by market. Buy Stop 53.30. Stop-Loss 40.80. Take-Profit 53.87, 55.30, 57.00, 58.00, 59.50