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WTI Crude Technical Analysis for December 31, 2015


The 4H chart view presented here might be indicating that the corrective drop expected yesterday might be just complete at 36.82 levels or would be done at 36.50 levels. If Crude prices bounce from 36.50 levels, it would more or less confirm that the commodity is poised to rally in short term and that prices could exceed 39.00 levels before resuming the down trend. In any case, the rally which could unfold, would be a counter trend, providing better opportunities to go short again towards the major trend. Immediate support is seen at 35.50 levels while resistance is seen at 38.50 levels, followed by 39.00 and higher respectively. RSI is also holding the 40 levels for now, which is complement a bullish setup from current levels or from 36.50.

Trading recommendations:

Exit short positions. Look to buy around 36.50 levels, stop at 35.00, target is 40.00.

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