Technical analysis WTI for 17.01.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is ready to roll over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 71.00. The closest resistance is the level 71.50

Key levels

• 72.50, 72.00, 71.50, 71.00, 70.50

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 71.00, with Take Profit of 70.50 and Stop Loss of 71.50

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 71.50, with Take Profit of 72.00 and Stop Loss of 71.00