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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trading suggestion:

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

DateDecember 29, 2018 - 14:01
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 42.600, beginning of uptrend is expected.
  • We make sure when the resistance at 49.500 breaks.
  • If the support at 42.600 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 49.5 on 2018-11-29 and the trough at 42.6 on 2018-12-26, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 42.55 on 12/26/2018, so more gains to resistance(s) 45.20, 48.10 and maximum to Major Resistance (49.50) 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 34.

Supports and Resistances:

  1. 76.75
  2. 66.50
  3. 63.90
  4. 61.85
  5. 59.90
  6. 58.05
  7. 56.00
  8. 54.35
  9. 49.50
  10. 48.10
  11. 45.20
  12. 42.60
  13. 39.65
  14. 36.05
  15. 26.05
Click on the level to view price action history.

Symbol Released Current Forecast
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