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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 (73.85 to 76.75). 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 (73.85)
    • Resistance on 07/03/2018
    • Support on 10/03/2018
    • Support on 10/04/2018
    • Support on 10/05/2018
    • Support on 10/08/2018
    • Support on 10/09/2018
    • Resistance on 06/23/2021
    • Resistance on 06/25/2021
    • Resistance on 06/28/2021
    • Resistance on 06/30/2021
    • Resistance on 07/07/2021
  • Ending of entry zone (76.75)
    • Peak on 10/03/2018
    • Resistance on 10/03/2018

DateJuly 31, 2021 - 16:08
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 76.750, beginning of downtrend is expected.
  • We make sure when the support at 64.950 breaks.
  • If the resistance at 76.750 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • A trough is formed in daily chart at 64.95 on 07/20/2021, so more gains to resistance(s) 73.85 and maximum to Major Resistance (76.75) 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 57.

Take Profits:

  1. 70.25
  2. 66.40
  3. 60.60
  4. 57.20
  5. 51.60
  6. 43.75
  7. 34.60
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) new 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
West Texas Intermediate Oil (WTI) Sat, 17 Feb 2024