WTI CRUDE OIL - 1H - Technical analysis published on 05/01/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
17%
50%
33%
My opinion
Bearish under 81.56 USD
My targets
79.24 USD (-2.00%)
78.55 USD (-2.86%)
My analysis
The bearish trend is currently very strong for WTI CRUDE OIL. As long as the price remains below the resistance at 81.56 USD, you could try to take advantage of the bearish rally. The first bearish objective is located at 79.24 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 78.55 USD as an objective. Crossing it would then enable sellers to target 75.27 USD. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, technical indicators confirm the bearish opinion of this analysis. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to a small rebound in the opposite direction.
Force
0
10
7.1
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This analysis was given by Corrado fassardi. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 80.86 USD. The price is lower by -1.31% since the last closing with the lowest point at 80.80 USD and the highest point at 81.51 USD. The deviation from the price is +0.07% for the low point and -0.80% for the high point.80.80
81.51
80.86
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 1H of this WTI CRUDE OIL chart shows a sharp bearish trend. The signals given by moving averages are 92.86% bearish. This strong bearish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further decline is low given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 68.52 | 75.27 | 78.55 | 80.86 | 80.95 | 81.56 | 82.42 |
Change (%) | -15.26% | -6.91% | -2.86% | - | +0.11% | +0.87% | +1.93% |
Change | -12.34 | -5.59 | -2.31 | - | +0.09 | +0.70 | +1.56 |
Level | Major | Intermediate | Intermediate | - | Intermediate | Intermediate | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 78.47 | 79.71 | 80.82 | 82.06 | 83.17 | 84.41 | 85.52 |
Camarilla | 81.28 | 81.50 | 81.72 | 81.93 | 82.15 | 82.36 | 82.58 |
Woodie | 78.41 | 79.68 | 80.76 | 82.03 | 83.11 | 84.38 | 85.46 |
Fibonacci | 79.71 | 80.61 | 81.16 | 82.06 | 82.96 | 83.51 | 84.41 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 77.79 | 79.24 | 81.55 | 83.00 | 85.31 | 86.76 | 89.07 |
Camarilla | 82.82 | 83.16 | 83.51 | 83.85 | 84.20 | 84.54 | 84.88 |
Woodie | 78.21 | 79.46 | 81.97 | 83.22 | 85.73 | 86.98 | 89.49 |
Fibonacci | 79.24 | 80.68 | 81.57 | 83.00 | 84.44 | 85.33 | 86.76 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 69.03 | 72.05 | 77.31 | 80.33 | 85.59 | 88.61 | 93.87 |
Camarilla | 80.29 | 81.05 | 81.81 | 82.57 | 83.33 | 84.09 | 84.85 |
Woodie | 70.15 | 72.61 | 78.43 | 80.89 | 86.71 | 89.17 | 94.99 |
Fibonacci | 72.05 | 75.21 | 77.17 | 80.33 | 83.49 | 85.45 | 88.61 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
RSI (14): | 35.83 | |
MACD (12,26,9): | -0.3800 | |
Directional Movement: | -15.34 | |
AROON (14): | -78.57 | |
DEMA (21): | 81.00 | |
Parabolic SAR (0,02-0,02-0,2): | 82.17 | |
Elder Ray (13): | -0.28 | |
Super Trend (3,10): | 81.88 | |
Zig ZAG (10): | 80.94 | |
VORTEX (21): | 0.7700 | |
Stochastique (14,3,5): | 8.22 | |
TEMA (21): | 80.90 | |
Williams %R (14): | -92.06 | |
Chande Momentum Oscillator (20): | -0.75 | |
Repulse (5,40,3): | -0.2600 | |
ROCnROLL: | 2 | |
TRIX (15,9): | -0.0700 | |
Courbe Coppock: | 1.93 |
MA7: | 82.71 | |
MA20: | 83.44 | |
MA50: | 80.62 | |
MA100: | 75.94 | |
MAexp7: | 81.11 | |
MAexp20: | 81.54 | |
MAexp50: | 82.15 | |
MAexp100: | 82.53 | |
Price / MA7: | -2.24% | |
Price / MA20: | -3.09% | |
Price / MA50: | +0.30% | |
Price / MA100: | +6.48% | |
Price / MAexp7: | -0.31% | |
Price / MAexp20: | -0.83% | |
Price / MAexp50: | -1.57% | |
Price / MAexp100: | -2.02% |
Quotes :
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10 min delayed data
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NYMEX Futures
News
The latest news and videos published on WTI CRUDE OIL at the time of the analysis were as follows:
- Technical Analysis: 04/04/2024 - WTI futures surge to a 5-month high
- Technical Analysis: 28/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
- Technical Analysis: 21/03/2024 - WTI crude oil futures slip from 4-month peak
- Technical Analysis: 14/03/2024 - WTI oil futures fight with 80.80 bar
- Technical Analysis: 08/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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