WTI CRUDE OIL - 1H - Technical analysis published on 03/02/2022 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
39%
11%
50%
My opinion
Bullish above 106.78 USD
My targets
110.38 USD (+1.21%)
119.86 USD (+9.91%)
My analysis
The bullish trend is currently very strong on WTI CRUDE OIL. As long as the price remains above the support at 106.78 USD, you could try to benefit from the boom. The first bullish objective is located at 110.38 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 119.86 USD as an objective. Crossing it would then enable buyers to target 145.29 USD. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. 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, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
7
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Additional analysis
Quotes
WTI CRUDE OIL rating 109.06 USD. The price has increased by +5.46% since the last closing and was traded between 105.18 USD and 112.51 USD over the period. The price is currently at +3.69% from its lowest and -3.07% from its highest.105.18
112.51
109.06
The Central Gaps scanner detects a bullish gap which is a sign that buyers have taken the lead in the very short term.
Opening Gap UP
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
New HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
New HIGH record (1 year)
Type : Bullish
Timeframe : Weekly
New HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
New HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of WTI CRUDE OIL indicates that the overall trend is strongly bullish. 92.86% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
In fact, only 7 technical indicators out of 18 studied are currently bullish. Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 2
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
Price
| S3 | S2 | S1 | Price | R1 | R2 | |
|---|---|---|---|---|---|---|
| ProTrendLines | 98.47 | 100.54 | 106.78 | 109.06 | 110.38 | 145.29 |
| Change (%) | -9.71% | -7.81% | -2.09% | - | +1.21% | +33.22% |
| Change | -10.59 | -8.52 | -2.28 | - | +1.32 | +36.23 |
| Level | Minor | Minor | 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 | 85.43 | 90.38 | 96.89 | 101.84 | 108.35 | 113.30 | 119.81 |
| Camarilla | 100.26 | 101.31 | 102.36 | 103.41 | 104.46 | 105.51 | 106.56 |
| Woodie | 86.22 | 90.77 | 97.68 | 102.23 | 109.14 | 113.69 | 120.60 |
| Fibonacci | 90.38 | 94.75 | 97.46 | 101.84 | 106.21 | 108.92 | 113.30 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 75.44 | 82.25 | 86.92 | 93.73 | 98.40 | 105.21 | 109.88 |
| Camarilla | 88.43 | 89.49 | 90.54 | 91.59 | 92.64 | 93.70 | 94.75 |
| Woodie | 74.37 | 81.72 | 85.85 | 93.20 | 97.33 | 104.68 | 108.81 |
| Fibonacci | 82.25 | 86.64 | 89.35 | 93.73 | 98.12 | 100.83 | 105.21 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 69.02 | 77.24 | 90.33 | 98.55 | 111.64 | 119.86 | 132.95 |
| Camarilla | 97.55 | 99.50 | 101.46 | 103.41 | 105.36 | 107.32 | 109.27 |
| Woodie | 71.45 | 78.46 | 92.76 | 99.77 | 114.07 | 121.08 | 135.38 |
| Fibonacci | 77.24 | 85.38 | 90.41 | 98.55 | 106.69 | 111.72 | 119.86 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 57.22 | |
| MACD (12,26,9): | 1.6400 | |
| Directional Movement: | 5.94 | |
| AROON (14): | -14.28 | |
| DEMA (21): | 110.25 | |
| Parabolic SAR (0,02-0,02-0,2): | 112.22 | |
| Elder Ray (13): | 0.17 | |
| Super Trend (3,10): | 105.58 | |
| Zig ZAG (10): | 109.05 | |
| VORTEX (21): | 1.1200 | |
| Stochastique (14,3,5): | 36.83 | |
| TEMA (21): | 109.79 | |
| Williams %R (14): | -45.70 | |
| Chande Momentum Oscillator (20): | 1.18 | |
| Repulse (5,40,3): | 1.1200 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.3100 | |
| Courbe Coppock: | 2.20 |
| MA7: | 96.68 | |
| MA20: | 92.70 | |
| MA50: | 84.95 | |
| MA100: | 79.77 | |
| MAexp7: | 108.74 | |
| MAexp20: | 107.76 | |
| MAexp50: | 104.02 | |
| MAexp100: | 100.40 | |
| Price / MA7: | +12.81% | |
| Price / MA20: | +17.65% | |
| Price / MA50: | +28.38% | |
| Price / MA100: | +36.72% | |
| Price / MAexp7: | +0.29% | |
| Price / MAexp20: | +1.21% | |
| Price / MAexp50: | +4.85% | |
| Price / MAexp100: | +8.63% |
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:
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WTI Crude Oil Forecast March 2, 2022
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WTI Crude Oil Forecast March 1, 2022
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WTI Crude Oil and USD/CAD Forecast February 28, 2022
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WTI Crude Oil Forecast February 25, 2022
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Technical Analysis: 24/02/2022 - WTI futures surge past 100 mark sparked by Russia’s attacks
This member declared not having a position on this financial instrument or a related financial instrument.
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