A week ago we stated that 'we would not be surprised to see a test of the $103.55/65 area over the coming sessions - Convergence of long-term triangle resistance (drawn from the 2011 high) & the 78.6% retracement (of the 2012 decline). Depending upon whether this level remains intact or breaks, it would determine if the longer-term Elliot wave count (wave-D) is favored with a pullback towards wave-E or if the previous triangle and inverted H&S breakouts should be preferred and thus enacting their respective measured move objectives.'
Yesterday US Oil (WTI) broke above our noted $103.55/65 resistance zone followed by today’s break above the psychological $105 level, which thereby opens the door to a further continuation higher and activates two key technical pattern measured move objectives.
Next potential levels of resistance:
$106.40 - May 2012 High
$108.25 - Inverted Head & Shoulder pattern objective
$110.00 - Psychological & barrier/option related
$110.50 - 2012 High
$112.75 - Triangle pattern objective (blue)
$114.75 - 2011 High
Keep in mind that daily RSI is approaching its prior highs from 2012 & 2013 between 75.90-78.50 and as such could prove resistive initially.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
WTI Crude Oil: Noted $103.60 Resistance Broken, Iinverted H&S Objective
Published 07/11/2013, 05:41 AM
Updated 05/14/2017, 06:45 AM
WTI Crude Oil: Noted $103.60 Resistance Broken, Iinverted H&S Objective
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.