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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateJune 4, 2022 - 08:02
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 97.120, resumption of uptrend is expected.
  • We make sure when the resistance at 126.350 breaks.
  • If the support at 97.120 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI resistance #2 at 61 is broken, so the probability of resumption of uptrend is increased.
  • While the RSI support #1 at 42 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 102.960 on 05/19/2022, so more gains to resistance(s) 120.000 and maximum to Major Resistance (126.350) 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 66.

Supports and Resistances:

  1. 126.350
  2. 113.140
  3. 102.898
  4. 93.000
  5. 84.312
  6. 73.320
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