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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trade Setup

#WTI
Total Profit: -2584 point
Closed trade(s): 0 point Profit
Open trade(s): -2584 point Profit

Trade Setup:
We opened 8 SELL trade(s) @ 63.28 (day close price) based on 'Peak' at 2021.05.19.

Open Profit:
Profit for one trade is 63.28(open price) - 66.51(current price) = -323 point
8 trade(s) still open, therefore total profit for open trade(s) is -323 x 8 = -2584 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.
DateMay 29, 2021 - 10:56
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 trough is formed in daily chart at 61.50 on 05/21/2021, so more gains maximum to Major Resistance (67.85) 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. 60.60
  2. 57.20
  3. 53.90
  4. 51.60
  5. 48.75
  6. 46.30
  7. 43.75
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.