WTI: technical analysis and trading recommendations_06/11/2021
As of this writing, WTI crude oil futures are traded near 70.50 mark, maintaining a positive momentum. In the current situation and above the short-term important support level 69.02 (ЕМА200 on 1-hour chart), long positions are preferable.
However, a breakdown of this support level could signal a downward correction with a target at support level 66.35 (ЕМА200 on a 4-hour chart). A deeper correction could mean a decline towards the lower border of the ascending channel on the daily chart and the support level of 64.00.
In any case, above the key support levels 56.00 (ЕМА200 on the daily and monthly charts), 52.00 (ЕМА200 on the weekly chart), a long-term upward trend prevails.
Only their breakdown can increase the risks of breaking the bullish trend. Therefore, the decline to the support levels 69.02, 68.00, 66.35, 64.00 provides an opportunity to build up long positions.
WTI oil is traded in the bull market zone. A breakdown of the local resistance level 70.78 (the maximum of this week and month) will be a confirmation signal for further price growth.
Support levels: 70.00, 69.02, 68.00, 66.35, 64.00, 61.75, 60.61, 58.70, 56.00, 52.00
Resistance levels: 70.78, 71.00, 73.00, 77.00
Sell Stop 69.60. Stop-Loss 70.80. Take-Profit 69.02, 68.00, 66.35, 64.00, 61.75, 60.61, 58.70, 56.00, 52.00
Buy Stop 70.80. Stop-Loss 69.60. Take-Profit 71.00, 72.00, 73.00, 77.00