WTI OIL Buy SignalPattern: Triangle into Channel Up.
Signal: Bullish as the Triangle broke, the 4H MA50 has been crossed and the 38.45 Resistance is being tested.
Target: 40.10, that is roughly a +5% rise from the 4H MA50 break-out. Sinc June 16, every break-out above the 4H MA50 has resulted into at least a +5.50% rally.
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Wticrudeoil
WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) 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 32.
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) 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 32.
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Oil- above 40 is a great sellSince mid-June, WTI OIL traded in a long rising wedge. Finally, we had the break of support followed by a 600 pips drop.
Now Oil is recovering some of the losses, but I expect this to be just a correction before a new leg down.
I will look for opportunities to sell WTI above 40 and my target is 32 with a great 1:4 R:R
USOIL Trading PlanPattern: Channel Up.
Signal: (A) Buy if the Lower Highs trend-line breaks (B) Sell if the Channel Up breaks downwards.
Target: (A) 43.50 (just below the Resistance) (B) 37.10 (just above the Lower Support).
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Don't miss the great sell opportunity in WTITrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (42.56).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. WTI is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 40.
Take Profits:
TP1= @ 39.08
TP2= @ 37.13
TP3= @ 34.68
TP4= @ 30.32
TP5= @ 20.44
SL: Break Above 43.91
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 37.15 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 42.30, 38.85 and minimum to Major Support (37.15) 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 59.
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WTI . Weekly Technical Analysis Update Midterm forecast:
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 37.15 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 42.30, 38.85 and minimum to Major Support (37.15) 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 59.
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.60, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 42.30, 38.85, 37.15 and minimum to Major Support (30.85) 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 60.
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WTI . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 43.60, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 42.30, 38.85, 37.15 and minimum to Major Support (30.85) 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 60.
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WTI Crude Oil: Downside potential.WTI Crude Oil is trading within a long term ascending Channel, which we well pointed out a couple weeks back:
The 4H chart though is turning neutral again (RSI = 49.100, MACD = 0.140, ADX = 33.703) due to the continuous consolidation with the 4H MA50 as Support. As seen on the chart, this resembles the top build-ups on July 8th and 29th, with the MACD and RSI reading also similar. What followed after the top was formed was roughly a -6.50% decline. Right now this extension is around 40.00 and that will be a buy entry for us. Longer-term investors can look for an even deeper opportunity on the 2-month Support Zone.
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WTI . Important Technical Analysis UpdateMidterm forecast:
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 30.85 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the . probability of beginning of downtrend is increased.
. While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 38.85, 37.15, 34.60 and minimum to Major Support (30.85) 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 58.
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ForecastCity English Support Team ❤️
WTI . Important Technical Analysis Update
WTI . Important Technical Analysis UpdateMidterm forecast:
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 30.85 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the . probability of beginning of downtrend is increased.
. While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 38.85, 37.15, 34.60 and minimum to Major Support (30.85) 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 58.
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. . . . . Please show your support back,
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💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️