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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trade Setup
Total Profit: -255 point
Closed trade(s): 329 point Profit
Open trade(s): -584 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) - 41.08(current price) = -146 point
4 trade(s) still open, therefore total profit for open trade(s) is -146 x 4 = -584 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 19, 2020 - 17:30
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 43.75, beginning of downtrend is expected.
  • We make sure when the support at 37.10 breaks.
  • If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • A trough is formed in daily chart at 36.29 on 09/08/2020, so more gains to resistance(s) 41.70 and maximum to Major Resistance (43.75) 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 54.

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) new Sat, 24 Oct 2020
West Texas Intermediate Oil (WTI) Sat, 17 Oct 2020
West Texas Intermediate Oil (WTI) Sat, 10 Oct 2020
West Texas Intermediate Oil (WTI) Sat, 3 Oct 2020
West Texas Intermediate Oil (WTI) free Sat, 26 Sep 2020