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WTI: Probable double bottom – SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Research Team at Societe Generale, suggests that WTI is likely to form a hammer and closing price of this month should be watched.

    Key Quotes

    “It has tested the lower limit of a massive descending channel (line chart) at 26.00/25.00 which will remain a key support.

    Dropping down to daily chart of April’16 expiry, WTI is evolving within a probable double bottom at 28.70. Confirmation level for the pattern is at 35/36 which also corresponds with the 61.8% retracement since January highs.

    Daily RSI has been diverging positively which indicates possibility of continuation in recovery. A break above 35/36 will spark increased positive signals and take WTI towards 39 with possibility to reach 42/43, projected potential of the pattern.”
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