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

#WTI
Total Profit: 1741 point
Closed trade(s): 201 point Profit
Open trade(s): 1540 point Profit

Trade Setup:
We opened 12 BUY trades @ 78.916 based on 'Valley' entry method at 2022-11-29.

Closed Profit:
TP1 @ 80.930 touched at 2022-11-30 with 201 point Profit.

Open Profit:
Profit for one BUY trade is 80.321(current price) - 78.916(open price) = 140 point
11 trade(s) still open, therefore total profit for open trade(s) is 140 x 11 = 1540 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.

DateDecember 3, 2022 - 13:15
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 73.640, beginning of uptrend is expected.
  • We make sure when the resistance at 96.995 breaks.
  • If the support at 73.640 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 76.061 on 2022-09-26 and the trough at 73.634 on 2022-11-28, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI resistance #1 at 45 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 73.640 on 11/28/2022, so more gains to resistance(s) 80.930, 84.079, 86.968 and maximum to Major Resistance (96.995) 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 45.

Take Profits:

  1. 78.594
  2. 80.930
  3. 84.079
  4. 86.968
  5. 89.340
  6. 92.888
  7. 96.995
  8. 100.802
  9. 107.746
  10. 113.230
  11. 120.000
  12. 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