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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (61.85 to 63.75). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (61.85)
    • Resistance on 05/06/2015
    • Resistance on 05/07/2015
    • Resistance on 05/14/2015
    • Resistance on 05/18/2015
    • Resistance on 06/02/2015
    • Resistance on 06/10/2015
    • Resistance on 06/11/2015
    • Resistance on 06/17/2015
    • Resistance on 06/24/2015
    • Resistance on 01/03/2018
    • Resistance on 02/08/2018
    • Resistance on 02/16/2018
    • Resistance on 02/21/2018
    • Resistance on 03/13/2018
    • Support on 04/06/2018
    • Resistance on 11/08/2018
  • Ending of entry zone (63.75)
    • Support on 12/01/2014
    • Resistance on 01/11/2018
    • Support on 01/16/2018
    • Support on 01/17/2018
    • Support on 01/23/2018
    • Support on 01/30/2018
    • Resistance on 02/07/2018
    • Resistance on 02/23/2018
    • Resistance on 03/20/2018
    • Support on 03/28/2018
    • Resistance on 04/03/2018
    • Resistance on 04/05/2018
    • Resistance on 04/06/2018
    • Support on 06/18/2018
    • Support on 08/16/2018

DateMarch 17, 2019 - 12:16
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 63.750, beginning of downtrend is expected.
  • We make sure when the support at 55.200 breaks.
  • If the resistance at 63.750 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 43 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 54.70 on 03/08/2019, so more gains to resistance(s) 60.15, 61.85 and maximum to Major Resistance (63.75) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 65.

Take Profits:

  1. 60.15
  2. 58.05
  3. 55.20
  4. 52.80
  5. 49.50
  6. 45.80
  7. 42.60
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