Been trading forex for a while but never really got into oil futures properly.
What indicators or chart patterns do you find most reliable when analyzing WTI? Just looking at basic support/resistance right now but feels like I’m missing something.
MACD’s solid for WTI timing. Oil trends stick around way longer than forex moves.
Look for MACD crossing above the signal line when price is already over the 20-period MA. This combo nails entries during strong trends.
Oil goes crazy at session opens too. Watch what happens in that first hour when New York kicks off.
Bollinger Bands are useful for oil since it makes big moves and then consolidates. Look for breakouts when price squeezes around the middle band. Price hitting the outer bands can signal reversals.
Daily pivots are important too. Oil usually respects these levels when it’s ranging. Observe how price reacts at pivots in the first few hours after open.
Keep it simple. Oil trends more strongly than forex, so once you identify the direction, let those moves run.
Skip fancy indicators. WTI respects basic horizontal levels better than most markets because of how institutions trade it. Mark round numbers every $5 since they are real support or resistance. Draw trend lines connecting major highs and lows from the past 6 months. Volume is more important in oil than in forex, so watch for breakouts with strong volume. Start there before adding anything else. Oil moves on fundamentals but bounces predictably at technical levels.
Focus on volume and moving averages - ignore patterns.
Start with weekly charts for the big picture. WTI bounces off psychological levels like 70, 80, 90 pretty reliably.
I stick to RSI and moving averages. The 50 and 200 day MAs indicate the trend direction.
Wednesday inventory reports often influence prices more than technicals, so consider that in your analysis.