Oil Technical analysis

Source: Dukascopy Bank SA
Oil is currently consolidating in a sideways trading range after breaking out of a prior downtrend, showing clear indecision with no strong directional momentum. As of Wednesday afternoon, the 4-hour chart for WTI Crude Oil shows a market that has transitioned from a clear descending channel into a well-defined sideways range between the resistance ceiling at $65.53 and the support floor at $61.60.



This trendless environment is strongly confirmed by the technical indicators; the 24 and 100-period Simple Moving Averages are both flat and intertwined with the price. Above the $65.53 resistance would be needed to signal a new uptrend, while a close below the $61.60 support would signal a continuation of the prior downtrend.
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