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 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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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.
Expertise
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.
Expertise
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