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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 Sell Zone (41.60 to 42.50). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is above the level 38.85, the probability of beginning of downtrend is too weak, so we would enter the market with sell trades based on Daily-Trading-Opportunities and a day close price below 38.85 and expect to reach short-term targets.

  • Beginning of entry zone (41.60)
    • Support on 08/14/2015
    • Support on 08/17/2015
    • Support on 08/18/2015
    • Support on 11/13/2015
    • Support on 11/16/2015
    • Support on 11/17/2015
    • Support on 11/18/2015
    • Support on 11/19/2015
    • Support on 11/20/2015
    • Support on 11/23/2015
    • Support on 11/29/2015
    • Support on 12/01/2015
    • Resistance on 03/23/2016
    • Resistance on 04/11/2016
    • Support on 04/15/2016
    • Resistance on 04/18/2016
    • Support on 04/20/2016
    • Resistance on 08/03/2016
    • Support on 08/11/2016
    • Support on 03/06/2020
    • Resistance on 06/23/2020
    • Resistance on 07/15/2020
    • Resistance on 07/21/2020
    • Resistance on 07/24/2020
    • Resistance on 07/27/2020
    • Resistance on 07/29/2020
    • Resistance on 07/30/2020
  • Ending of entry zone (42.50)
    • Resistance on 08/14/2015
    • Resistance on 08/17/2015
    • Support on 08/28/2015
    • Support on 11/12/2015
    • Resistance on 11/23/2015
    • Support on 11/25/2015
    • Resistance on 12/02/2015
    • Resistance on 12/03/2015
    • Resistance on 12/04/2015
    • Resistance on 03/18/2016
    • Resistance on 04/19/2016
    • Support on 07/26/2016
    • Resistance on 07/28/2016
    • Resistance on 08/04/2016
    • Resistance on 08/05/2016
    • Support on 06/22/2017
    • Support on 06/23/2017
    • Support on 12/26/2018
    • Resistance on 07/21/2020
    • Resistance on 07/23/2020

DateAugust 1, 2020 - 12:53
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 42.50, beginning of downtrend is expected.
  • We make sure when the support at 30.85 breaks.
  • If the resistance at 42.50 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 42.495 on 2020-07-21, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI support #1 at 56 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 42.45 on 07/21/2020, so more losses to support(s) 38.85, 37.15, 34.60 and minimum to Major Support (30.85) 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 52.

Take Profits:

  1. 37.15
  2. 34.60
  3. 30.85
  4. 24.45
  5. 20.45
  6. 12.75
  7. 7.85
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) new Sat, 23 Jan 2021
West Texas Intermediate Oil (WTI) Sat, 16 Jan 2021
West Texas Intermediate Oil (WTI) Sat, 9 Jan 2021
West Texas Intermediate Oil (WTI) Sat, 2 Jan 2021
West Texas Intermediate Oil (WTI) Sat, 26 Dec 2020