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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trade Setup
#WTI
Total Profit: 1169 point
Closed trade(s): 329 point Profit
Open trade(s): 840 point Profit

Trade Setup:
We opened 6 SELL trade(s) @ 39.62 (day close price) based on 'Peak' at 2020.09.04.

Closed Profit:
TP1 @ 38.85 touched at 2020.09.07 with 77 point Profit.
TP2 @ 37.10 touched at 2020.09.08 with 252 point Profit.
77 + 252 = 329 point

Open Profit:
Profit for one trade is 39.62(open price) - 37.52(current price) = 210 point
4 trade(s) still open, therefore total profit for open trade(s) is 210 x 4 = 840 point

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateSeptember 12, 2020 - 13:25
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 43.750, beginning of downtrend is expected.
  • We make sure when the support at 37.100 breaks.
  • If the resistance at 43.750 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 32.

Take Profits:

  1. 38.85
  2. 37.10
  3. 34.60
  4. 30.85
  5. 7.85
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) Sat, 23 Mar 2024
West Texas Intermediate Oil (WTI) Sat, 16 Mar 2024
West Texas Intermediate Oil (WTI) Sat, 9 Mar 2024
West Texas Intermediate Oil (WTI) Sat, 2 Mar 2024
West Texas Intermediate Oil (WTI) Sat, 24 Feb 2024