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Weekly forecast West Texas Intermediate Oil technical chart
Symbol WTI

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Trade Setup
#WTI
Total Profit: 5170 point
Closed trade(s): 1528 point Profit
Open trade(s): 3642 point Profit

Trade Setup:
We opened 9 SELL trade(s) @ 65.11 (day close price) based on 'Peak' at 2019.04.25.

Closed Profit:
TP1 @ 61.85 touched at 2019.05.02 with 326 point Profit.
TP2 @ 60.15 touched at 2019.05.06 with 496 point Profit.
TP3 @ 58.05 touched at 2019.05.23 with 706 point Profit.
326 + 496 + 706 = 1528 point

Open Profit:
Profit for one trade is 65.11(open price) - 59.04(current price) = 607 point
6 trade(s) still open, therefore total profit for open trade(s) is 607 x 6 = 3642 point

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 60.950 is broken, we will close open trades.
  • Price may also reach 60.950, if price reaches this level, there is a second chance to get more profit and reinvest by Daily-Trading-Opportunities signals. This suggestion is not according to Trend Hunter Strategy, and depends on personal strategies.

DateMay 25, 2019 - 18:09
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 60.950, beginning of downtrend is expected.
  • We make sure when the support at 55.200 breaks.
  • If the resistance at 60.950 is broken, the short-term forecast -beginning of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 60.950 is broken.

Technical analysis:

  • The RSI support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 66.50 on 04/23/2019, so more losses to support(s) 58.05 and minimum to Major Support (55.20) 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 38.

Take Profits:

  1. 61.85
  2. 60.15
  3. 58.05
  4. 55.20
  5. 52.80
  6. 49.50
  7. 45.80
  8. 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