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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (76.120 to 76.120). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (76.120)
  • Ending of entry zone (76.120)

DateNovember 26, 2022 - 06:36
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 73.150, beginning of uptrend is expected.
  • We make sure when the resistance at 96.995 breaks.
  • If the support at 73.150 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 45 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 82.275 on 11/22/2022, so more losses to support(s) 76.120 and minimum to Major Support (73.150) 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 35.

Take Profits:

  1. 78.594
  2. 80.930
  3. 84.079
  4. 86.913
  5. 94.359
  6. 96.995
  7. 100.802
  8. 107.746
  9. 113.230
  10. 120.000
  11. 126.350
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) Sat, 28 Jan 2023
West Texas Intermediate Oil (WTI) Sat, 21 Jan 2023
West Texas Intermediate Oil (WTI) free Sat, 14 Jan 2023
West Texas Intermediate Oil (WTI) Sat, 7 Jan 2023
West Texas Intermediate Oil (WTI) Sat, 31 Dec 2022