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WTI Crude Oil Technical Analysis for December 30, 2015


The 4H chart view presented here indicates that the recent rally from 35.00 through 38.00 levels might be complete. Crude is seen to be reversing from an intermediary resistance trend line and could drop at least through 36.25 levels, if not lower. Looking into multi year wave structure, Crude is expected to print yet another low below the 33.00 mark before rallying/changing trend. Short term view still indicates that prices could drop from here; and only a break above 39.00 levels would confirm a shift. Immediate resistance is seen at 39.00 levels, while support is seen at 36.20/25 levels respectively. Furthermore, the RSI has also reversed from below 70 levels, which is encouraging to bears. The commodity is expected to drop at least till 36.00/25 levels before deciding further directions.

Trading recommendations:

Short now, stop 38.60, target 36.25.

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