WTI OIL PRICE - technical buy signal generated / first trend change since September 2014
QMG Pty Ltd
The WTI oil price originally generated a technical sell signal at $90.69 on 23/9/14. The price has now closed above key resistance of a sideways trading band located at US$49.25, which has generated a technical buy signal. The oil price has broken into a higher trading range. The technical outlook has turned positive, which is the first trend change since September 2014. The upside technical price target is located at US$54.00 - the minimum expectation for a rally. As mentioned in previous wires, it is often the case where the "stock" technical signals lead the related "commodity" technicals, with select oil stocks having generated technical buy signals over the last two weeks.
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.