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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trade Setup
#WTI
Total Profit: 1807 point
Closed trade(s): 1105 point Profit
Open trade(s): 702 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.
TP2 @ 38.15 touched at 2020.10.28 with 180 point Profit.
TP3 @ 36.30 touched at 2020.10.29 with 365 point Profit.
TP4 @ 34.60 touched at 2020.11.02 with 535 point Profit.
25 + 180 + 365 + 535 = 1105 point

Open Profit:
Profit for one trade is 39.95(open price) - 37.61(current price) = 234 point
3 trade(s) still open, therefore total profit for open trade(s) is 234 x 3 = 702 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.
  • If the Midterm level 39.700 is broken, we will close open trades.
DateNovember 7, 2020 - 16:15
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 39.700 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
  • We will close our open trades, if the Midterm level 39.700 is broken.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 39.50 on 11/05/2020, so more losses to support(s) 36.30, 34.60, 30.85 and more depths 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 44.

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) 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.