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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 (42.30 to 43.60). 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 (42.30)
    • Resistance on 08/14/2015
    • Resistance on 08/16/2015
    • Resistance on 08/17/2015
    • Support on 08/28/2015
    • 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 07/28/2016
    • Resistance on 08/01/2016
    • Resistance on 08/04/2016
    • Support on 08/08/2016
    • Support on 06/21/2017
    • Support on 06/22/2017
    • Support on 12/24/2018
    • Resistance on 07/21/2020
    • Resistance on 07/23/2020
    • Resistance on 08/04/2020
    • Resistance on 08/05/2020
    • Resistance on 08/07/2020
    • Resistance on 08/10/2020
    • Resistance on 08/11/2020
    • Support on 08/17/2020
    • Support on 08/18/2020
    • Support on 08/20/2020
  • Ending of entry zone (43.60)
    • Support on 08/31/2015
    • Support on 09/02/2015
    • Support on 09/10/2015
    • Support on 10/27/2015
    • Support on 10/28/2015
    • Support on 11/11/2015
    • Resistance on 11/24/2015
    • Resistance on 04/13/2016
    • Support on 05/03/2016
    • Support on 05/04/2016
    • Support on 05/09/2016
    • Support on 05/10/2016
    • Resistance on 07/27/2016
    • Resistance on 08/08/2016
    • Resistance on 08/09/2016
    • Resistance on 08/10/2016
    • Support on 09/01/2016
    • Support on 09/02/2016
    • Support on 09/16/2016
    • Support on 09/19/2016
    • Support on 09/20/2016
    • Support on 11/09/2016
    • Support on 11/11/2016
    • Support on 11/14/2016
    • Resistance on 06/21/2017
    • Resistance on 06/26/2017
    • Support on 03/02/2020
    • Peak on 08/05/2020
    • Resistance on 08/05/2020

DateAugust 22, 2020 - 14:31
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 43.600, beginning of downtrend is expected.
  • We make sure when the support at 30.850 breaks.
  • If the resistance at 43.600 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 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 38.85, 37.15, 34.60 and minimum to Major Support (30.85) 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 55.

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) 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