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

#WTI
Total Profit: 2362 point
Closed trade(s): 269 point Profit
Open trade(s): 2093 point Profit

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

Closed Profit:
TP1 @ 73.984 touched at 2023-05-24 with 269 point Profit.

Open Profit:
Profit for one BUY trade is 72.896(current price) - 71.293(open price) = 161 point
13 trade(s) still open, therefore total profit for open trade(s) is 161 x 13 = 2093 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 26, 2023 - 23:56
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 peak is formed in daily chart at 74.680 on 05/24/2023, so more losses to support(s) 70.170, 68.419 and minimum to Major Support (64.413) 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 49.

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) free Sat, 16 Sep 2023
West Texas Intermediate Oil (WTI) free Sat, 9 Sep 2023
West Texas Intermediate Oil (WTI) free Sat, 2 Sep 2023
West Texas Intermediate Oil (WTI) free Sat, 26 Aug 2023
West Texas Intermediate Oil (WTI) Sat, 19 Aug 2023
History
Daily-Trading-Opportunities on WTI.