WTI oil: technical analysis and trading recommendations_03/19/2021
At the beginning of today's European session, WTI crude attempted to restore the upward trend in price, breaking into the zone above the important short-term resistance level of 60.92 (EMA200 on the 4-hour chart).
But the attempt has not yet been crowned with success. The breakout of the 60.92 level did not take place. If the decline resumes, the price will go to the important support level 58.60 (ЕМА50 on the daily chart).
Its breakdown may increase the risks of breaking the bullish trend, and the price may head towards the key support levels 50.90 (EMA200 on the weekly chart and EMA144 on the daily chart), 49.00 (EMA200 on the daily chart).
Breakout of the 41.90 support level (balance line from July to November 2020 and
Fibonacci level 61.8% of an upward correction to the fall from 2020 highs near 65.65 to a local low of 3.42) will increase the risks of a renewed bearish trend in WTI crude oil.
And yet, despite the decline, WTI crude is traded in the bull market. Above the resistance level 60.92, long positions will again become relevant, and a breakdown of the resistance level 63.75 (ЕМА200 on the 1-hour chart) will indicate a full recovery of long-term positive dynamics. After the breakdown of the local resistance level 68.00, the target will be the mark of $ 70.00 per barrel (the upper border of the rising channel on the daily chart).
Support levels: 58.60, 55.50, 53.87, 50.90, 49.00, 46.50, 45.00, 41.90
Resistance levels: 60.92, 63.75, 65.65, 68.00, 70.00
Sell Stop 59.50. Stop-Loss 61.40. Take-Profit 58.60, 55.50, 53.87, 50.90, 49.00, 46.50, 45.00, 41.90
Buy Stop 61.40. Stop-Loss 59.50. Take-Profit 63.75, 65.65, 68.00, 70.00