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by Seth Parker on October 12th, 2018

WTI Oil Analysis – In line with stocks

Interesting situation is happening on the commodities. Black gold is down and shiny gold is up. From this, we can see that the sentiment on those two is not mostly influenced by the USD but we have some local factors. The one that is supporting the Gold is the global sell-off and the one that is weakening the Oil is..the global sell-off too…

Previously, we mentioned WTI on the 9th of October and back then, we were bullish because the price was bouncing from a legitimate horizontal support. Our view was later verified and the price broke that support and aimed lower. We broke two important horizontal lines : 73 (blue) and the 71.4 (pink). The price stopped on the mid-term up trendline (red) and that is our closest support at the moment.

oil chart

Buyers are still relatively safe. The most important line for the long-term sentiment on the Oil is the black long-term up trendline. It is still far, so we have a space for a bearish correction, without threatening the major trend. For now, our outlook remains negative.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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