For Traders

Analytical Reviews

Technical analysis

20.05.202211:12 Forex Analysis & Reviews: WTI: technical analysis for May 20, 2022 (potential bullish move)

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Brent and WTI still trade in the wide sideways range. The price can't go down amid increasing demand uncertainty due to high recession risks as well as geopolitical developments in Ukraine. The market is clearly willing to buy oil contracts on a decline, which may be a good trading strategy.

Technical picture:

The price is above the middle Bollinger band, the SMA 5, and the SMA 14. A crossover of the moving averages signals to buy the instrument. The Relative Strenght Index is above 50, indicating the likelihood of a bullish move. The Stochastic is in the overbought zone and is uninformative.

Daily forecast:

A breakout and consolidation above 112.55 may lead to a rise to 116.30.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.