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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI
Trade Setup

#WTI
Total Profit: 5835 point
Closed trade(s): 2145 point Profit
Open trade(s): 3690 point Profit

Trade Setup:
We opened 13 BUY trades @ 72.887 based on 'Valley' entry method at 2023-03-27.

Closed Profit:
TP1 @ 76.698 touched at 2023-04-03 with 381 point Profit.
TP2 @ 80.424 touched at 2023-04-03 with 753 point Profit.
TP3 @ 83.000 touched at 2023-04-12 with 1011 point Profit.
381 + 753 + 1011 = 2145 point

Open Profit:
Profit for one BUY trade is 76.583(current price) - 72.887(open price) = 369 point
10 trade(s) still open, therefore total profit for open trade(s) is 369 x 10 = 3690 point

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateApril 29, 2023 - 05:48
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 64.413, beginning of uptrend is expected.
  • We make sure when the resistance at 83.000 breaks.
  • If the support at 64.413 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 39 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 73.892 on 04/28/2023, so more gains to resistance(s) 76.698, 80.424 and maximum to Major Resistance (83.000) 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 48.

Take Profits:

  1. 76.698
  2. 80.424
  3. 83.000
  4. 86.877
  5. 89.340
  6. 92.888
  7. 96.995
  8. 100.802
  9. 107.746
  10. 113.230
  11. 120.000
  12. 126.350
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