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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (19.00 to 12.75). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (19.00)
    • Support on 03/30/2020
    • Support on 04/15/2020
    • Support on 04/16/2020
    • Resistance on 04/20/2020
  • Ending of entry zone (12.75)
    • Resistance on 04/23/2020
    • Resistance on 04/24/2020
    • Resistance on 04/27/2020
    • Resistance on 04/29/2020

DateMay 16, 2020 - 16:00
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 3.400, beginning of uptrend is expected.
  • We make sure when the resistance at 28.900 breaks.
  • If the support at 3.400 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • A trough is formed in daily chart at 3.40 on 04/21/2020, so more gains maximum to Major Resistance (28.90) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 64.

Take Profits:

  1. 24.45
  2. 28.90
  3. 35.40
  4. 42.90
  5. 50.70
  6. 54.75
  7. 63.10
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) Sun, 14 Apr 2024
West Texas Intermediate Oil (WTI) Sat, 6 Apr 2024
West Texas Intermediate Oil (WTI) Sat, 30 Mar 2024
West Texas Intermediate Oil (WTI) Sat, 23 Mar 2024
West Texas Intermediate Oil (WTI) Sat, 16 Mar 2024