Trading news

Oil WTI – prognosis via Dow Theory

Weekly chart:

Light crude oil is in a valid downtrend. In our last analysis of this value, we spoke about the probabilities still being on the lower side. This prognosis did indeed kick in, and the price formed a new low at $ 34.29. With this, the currently valid correction zone is now located between $ 37.75 and $ 50.92. The trend is not yet so mature as to hinder it from continuing further in a downward direction.

Chart1

Daily chart:

In the daily chart, too, we can see a very young downtrend, whose last correction zone runs between $ 40.06 and $ 43.46. The current correction went to $ 38.28 and started a new movement. However, this movement has not yet been able to develop any power, meaning that a continuation of the correction is currently very likely. But as long as the red correction zone is not exited in an upward direction, the downtrend will remain intact.

Chart2

Hourly chart:

The last downtrend was broken at $ 36.87 and the price carried on rising directly up to the current high at $ 37.79. The last trading hours in the old year showed a correction, meaning that at the moment, we have no trend in this trend size. There is currently no trade available.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

Head of Sales/Trading

AgenaTrader/TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Friday, 01 Jan, 2016 / 5:40

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