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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 (66.40 to 67.85). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (66.40)
    • Resistance on 01/29/2018
    • Resistance on 03/26/2018
    • Resistance on 03/27/2018
    • Support on 04/18/2018
    • Support on 05/28/2018
    • Support on 05/30/2018
    • Support on 05/31/2018
    • Resistance on 06/11/2018
    • Resistance on 06/12/2018
    • Resistance on 06/20/2018
    • Support on 07/17/2018
    • Support on 07/18/2018
    • Support on 07/19/2018
    • Support on 08/02/2018
    • Support on 08/13/2018
    • Resistance on 08/15/2018
    • Resistance on 08/21/2018
    • Support on 10/26/2018
    • Support on 10/29/2018
    • Resistance on 10/31/2018
    • Resistance on 04/23/2019
    • Resistance on 04/24/2019
    • Resistance on 04/25/2019
    • Resistance on 03/05/2021
    • Resistance on 03/11/2021
    • Resistance on 03/12/2021
    • Peak on 03/15/2021
    • Resistance on 03/15/2021
    • Resistance on 05/05/2021
    • Resistance on 05/12/2021
  • Ending of entry zone (67.85)
    • Resistance on 03/08/2021

DateMay 15, 2021 - 13:54
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 67.850, beginning of downtrend is expected.
  • We make sure when the support at 57.200 breaks.
  • If the resistance at 67.850 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 61 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 66.70 on 05/05/2021, so more losses to support(s) 63.70, 60.60 and minimum to Major Support (57.20) 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 58.

Take Profits:

  1. 63.70
  2. 60.60
  3. 57.20
  4. 53.90
  5. 51.60
  6. 48.75
  7. 46.30
  8. 43.75
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