WTI CRUDE OIL - 1H - Technical analysis published on 09/19/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
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Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
61%
0%
39%
My opinion
Bullish above 90.44 USD
My targets
93.16 USD (+2.13%)
95.69 USD (+4.90%)
My analysis
WTI CRUDE OIL is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 90.44 USD. The next resistance located at 93.16 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 95.69 USD. After this resistance, buyers could then target 121.36 USD. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8
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Additional analysis
Quotes
The WTI CRUDE OIL rating is 91.22 USD. The price registered an increase of +1.11% on the session and was traded between 90.89 USD and 91.39 USD over the period. The price is currently at +0.36% from its lowest and -0.19% from its highest.90.89
91.39
91.22
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by WTI CRUDE OIL:
Near a 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 WTI CRUDE OIL in 1H shows a strongly overall bullish trend. The signals given by the moving averages are 92.86% bullish. This strong bullish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators market scanner is currently detecting a bearish signal that could impact this trend:
Moving Average bearish crossovers : AMA50 & AMA100
Type : Bearish
Timeframe : 1 hour
An assessment of technical indicators shows a moderate bullish signal.
But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
There is also a Japanese candlestick pattern detected by Central Candlesticks that could mark the end of the current short-term trend:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 89.90 | 90.44 | 91.07 | 91.22 | 93.16 | 121.36 | 192.46 |
| Change (%) | -1.45% | -0.86% | -0.16% | - | +2.13% | +33.04% | +110.98% |
| Change | -1.32 | -0.78 | -0.15 | - | +1.94 | +30.14 | +101.24 |
| Level | Major | Minor | Minor | - | Intermediate | Major | Minor |
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 | 87.74 | 88.61 | 89.42 | 90.29 | 91.10 | 91.97 | 92.78 |
| Camarilla | 89.76 | 89.91 | 90.07 | 90.22 | 90.37 | 90.53 | 90.68 |
| Woodie | 87.70 | 88.60 | 89.38 | 90.28 | 91.06 | 91.96 | 92.74 |
| Fibonacci | 88.61 | 89.26 | 89.65 | 90.29 | 90.94 | 91.33 | 91.97 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 82.13 | 83.79 | 86.65 | 88.31 | 91.17 | 92.83 | 95.69 |
| Camarilla | 88.27 | 88.68 | 89.10 | 89.51 | 89.92 | 90.34 | 90.75 |
| Woodie | 82.73 | 84.09 | 87.25 | 88.61 | 91.77 | 93.13 | 96.29 |
| Fibonacci | 83.79 | 85.52 | 86.58 | 88.31 | 90.04 | 91.10 | 92.83 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 70.34 | 73.34 | 78.81 | 81.81 | 87.28 | 90.28 | 95.75 |
| Camarilla | 81.96 | 82.74 | 83.51 | 84.29 | 85.07 | 85.84 | 86.62 |
| Woodie | 71.59 | 73.96 | 80.06 | 82.43 | 88.53 | 90.90 | 97.00 |
| Fibonacci | 73.34 | 76.57 | 78.57 | 81.81 | 85.04 | 87.04 | 90.28 |
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): | 63.18 | |
| MACD (12,26,9): | 0.3600 | |
| Directional Movement: | 7.80 | |
| AROON (14): | 85.71 | |
| DEMA (21): | 91.27 | |
| Parabolic SAR (0,02-0,02-0,2): | 90.18 | |
| Elder Ray (13): | 0.22 | |
| Super Trend (3,10): | 90.25 | |
| Zig ZAG (10): | 91.24 | |
| VORTEX (21): | 1.1700 | |
| Stochastique (14,3,5): | 93.46 | |
| TEMA (21): | 91.34 | |
| Williams %R (14): | -7.89 | |
| Chande Momentum Oscillator (20): | 1.52 | |
| Repulse (5,40,3): | 0.1200 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0500 | |
| Courbe Coppock: | 1.93 |
| MA7: | 88.66 | |
| MA20: | 84.44 | |
| MA50: | 80.44 | |
| MA100: | 74.87 | |
| MAexp7: | 91.16 | |
| MAexp20: | 90.79 | |
| MAexp50: | 90.17 | |
| MAexp100: | 89.26 | |
| Price / MA7: | +2.89% | |
| Price / MA20: | +8.03% | |
| Price / MA50: | +13.40% | |
| Price / MA100: | +21.84% | |
| Price / MAexp7: | +0.07% | |
| Price / MAexp20: | +0.47% | |
| Price / MAexp50: | +1.16% | |
| Price / MAexp100: | +2.20% |
Quotes :
-
10 min delayed data
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NYMEX Futures
News
The last news published on WTI CRUDE OIL at the time of the generation of this analysis was as follows:
-
Technical Analysis: 07/09/2023 - WTI oil futures jump to fresh 9-month high
-
Technical Analysis: 31/08/2023 - WTI oil points to August high, but will the bulls show up?
-
Technical Analysis: 06/07/2023 - WTI oil settles higher again, but will it break the range?
-
Technical Analysis: 29/06/2023 - WTI futures remain flat within bearish channel
-
Technical Analysis: 22/06/2023 - WTI oil futures stay directionless
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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