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

#WTI
Total Profit: 784 point
Closed trade(s): 0 point Profit
Open trade(s): 784 point Profit

Trade Setup:
We opened 14 BUY trades @ 71.293 based on 'Valley' entry method at 2023-05-05.

Open Profit:
Profit for one BUY trade is 71.854(current price) - 71.293(open price) = 56 point
14 trade(s) still open, therefore total profit for open trade(s) is 56 x 14 = 784 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.

DateMay 20, 2023 - 03:15
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 resistance #1 at 58 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 69.365 on 05/15/2023, so more gains to resistance(s) 73.984, 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 45.

Take Profits:

  1. 73.984
  2. 76.698
  3. 80.424
  4. 83.000
  5. 86.877
  6. 89.340
  7. 92.888
  8. 96.995
  9. 100.802
  10. 107.746
  11. 113.230
  12. 120.000
  13. 126.350
Click on the level to view price action history.

Symbol Released Current Forecast
West Texas Intermediate Oil (WTI) Sat, 15 Jun 2024
West Texas Intermediate Oil (WTI) Sat, 8 Jun 2024
West Texas Intermediate Oil (WTI) Sat, 1 Jun 2024
West Texas Intermediate Oil (WTI) Sat, 1 Jun 2024
West Texas Intermediate Oil (WTI) Sat, 25 May 2024