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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trade Setup
Total Profit: 145 point
Closed trade(s): 25 point Profit
Open trade(s): 120 point Profit

Trade Setup:
We opened 7 SELL trade(s) @ 39.95 (day close price) based on 'Peak' at 2020.10.21.

Closed Profit:
TP1 @ 39.70 touched at 2020.10.23 with 25 point Profit.

Open Profit:
Profit for one trade is 39.95(open price) - 39.75(current price) = 20 point
6 trade(s) still open, therefore total profit for open trade(s) is 20 x 6 = 120 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.

DateOctober 24, 2020 - 18:59
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 43.75, beginning of downtrend is expected.
  • We make sure when the support at 36.30 breaks.
  • If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI bounced from the downtrend #1 and it prevented price from more gains.
  • A peak is formed in daily chart at 41.94 on 10/19/2020, so more losses to support(s) 39.70, 38.15 and minimum to Major Support (36.30) 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 47.

Take Profits:

  1. 39.70
  2. 38.15
  3. 36.30
  4. 34.60
  5. 30.85
  6. 7.85
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) new Sat, 5 Dec 2020
West Texas Intermediate Oil (WTI) Sat, 28 Nov 2020
West Texas Intermediate Oil (WTI) Sat, 21 Nov 2020
West Texas Intermediate Oil (WTI) Sat, 14 Nov 2020
West Texas Intermediate Oil (WTI) Sat, 7 Nov 2020