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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

Download MT4 template file

Trading suggestion:

Regarding the entry signal of DTO we will invest at Monday - if no GAP - when the market opens.

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

  • Beginning of entry zone (42.05)
    • Support on 08/13/2015
    • Support on 08/28/2015
    • Support on 11/17/2015
    • Support on 11/24/2015
    • Support on 11/25/2015
    • Support on 11/27/2015
    • Support on 11/30/2015
    • Support on 12/01/2015
    • Resistance on 12/03/2015
    • Resistance on 03/18/2016
    • Resistance on 03/22/2016
    • Support on 04/20/2016
    • Support on 07/27/2016
    • Resistance on 08/01/2016
    • Support on 08/10/2016
    • Support on 08/11/2016
    • Support on 06/21/2017
    • Resistance on 07/21/2020
    • Resistance on 07/22/2020
    • Resistance on 07/23/2020
    • Resistance on 07/27/2020
    • Resistance on 07/28/2020
    • Resistance on 08/04/2020
    • Resistance on 08/10/2020
    • Support on 08/17/2020
    • Support on 08/20/2020
    • Support on 08/21/2020
    • Support on 08/24/2020
  • Ending of entry zone (43.75)
    • Support on 09/02/2015
    • Support on 09/10/2015
    • Support on 09/24/2015
    • Support on 10/26/2015
    • Support on 11/11/2015
    • Resistance on 11/24/2015
    • Resistance on 11/25/2015
    • Resistance on 11/26/2015
    • Support on 05/03/2016
    • Support on 05/04/2016
    • Support on 05/06/2016
    • Support on 07/22/2016
    • 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 09/15/2016
    • Support on 09/16/2016
    • Support on 09/19/2016
    • 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 06/28/2017
    • Support on 07/07/2017
    • Support on 07/10/2017
    • Support on 02/28/2020
    • Resistance on 08/05/2020
    • Resistance on 08/25/2020
    • Peak on 08/26/2020
    • Resistance on 08/26/2020
    • Resistance on 08/27/2020
    • Resistance on 08/31/2020
    • Resistance on 09/01/2020
DateSeptember 5, 2020 - 13:52
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 43.595 on 2020-08-05, 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 to support(s) 38.85 and 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 33.

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) 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
History
Daily-Trading-Opportunities on WTI.