The WTI oil price major support is now located @US$56

Angela Mangan

QMG Pty Ltd

The WTI oil price major support is now located @US$56. It originally generated a technical sell signal at US$90.69 on 23/9/14. The technicals have remained negative since late September. The oil price has progressively moved into lower technical trading ranges. During last week QMG clients were provided with a technical alert highlighting the prospect for the next downside move in the oil price, with the US$56 level nominated as next major technical support. Although the WTI oil price is in oversold territory on a RSI / momentum basis, there is no sign of base forming emerging, which is required for a technical buy signal to be generated.

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Angela Mangan
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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