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

#WTI
Total Profit: 2040 point
Closed trade(s): 302 point Profit
Open trade(s): 1738 point Profit

Trade Setup:
We opened 12 BUY trades @ 77.907 based on 'Valley' entry method at 2023-01-11.

Closed Profit:
TP1 @ 80.930 touched at 2023-01-17 with 302 point Profit.

Open Profit:
Profit for one BUY trade is 79.494(current price) - 77.907(open price) = 158 point
11 trade(s) still open, therefore total profit for open trade(s) is 158 x 11 = 1738 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.

DateJanuary 28, 2023 - 10:49
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 70.170, beginning of uptrend is expected.
  • We make sure when the resistance at 89.340 breaks.
  • If the support at 70.170 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 82.660 on 01/23/2023, so more losses to support(s) 76.120, 73.599, 71.880 and minimum to Major Support (70.170) 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 51.

Take Profits:

  1. 80.930
  2. 83.373
  3. 86.877
  4. 89.340
  5. 92.888
  6. 96.995
  7. 100.802
  8. 107.746
  9. 113.230
  10. 120.000
  11. 126.350
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