Technicals - WTI oil price major support located at US$29.20

Angela Mangan

QMG Pty Ltd

The WTI oil price technical outlook remains negative given there is no sign of base forming emerging. It most recently generated a technical sell signal at US$41.60 on 12/11/15. The subsequent decline resulted in the nominated downside technical price target located at US$34.00 being reached - which had been the minimum expectation for a pullback. There is no sign of a turnaround emerging given the WTI oil price is continuing to move to "lower lows". Major subsequent support is now located at US$29.20, the December 2008 low point.

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Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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