WTI CRUDE OIL - 15 min. - Technical analysis published on 02/01/2024 (GMT)
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- Timeframe : 15 min.
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
22%
61%
17%
My opinion
Bearish under 76.49 USD
My targets
74.88 USD (-0.92%)
73.90 USD (-2.21%)
My analysis
The bearish trend is currently very strong for WTI CRUDE OIL. As long as the price remains below the resistance at 76.49 USD, you could try to take advantage of the bearish rally. The first bearish objective is located at 74.88 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 73.90 USD as an objective. Crossing it would then enable sellers to target 72.29 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.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
6.3
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Additional analysis
Quotes
WTI CRUDE OIL rating 75.57 USD. The price registered a decrease of -0.37% on the session and was traded between 74.09 USD and 76.95 USD over the period. The price is currently at +2.00% from its lowest and -1.79% from its highest.74.09
76.95
75.57
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
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this 15 min. chart of WTI CRUDE OIL indicates that the overall trend is strongly bearish. 82.14% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
An assessment of technical indicators does not currently provide any relevant information to suggest whether the signal given by the technical indicators is more bullish or bearish.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 15 minutes
Previous candle closed under Bollinger bands
Type : Neutral
Timeframe : 15 minutes
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
For a small setback in the very short term, the Central Candlesticks scanner currently notes the presence of this bearish pattern in Japanese candlesticks:
Bearish harami
Type : Bearish
Timeframe : 15 minutes
Bearish harami cross
Type : Bearish
Timeframe : 15 minutes
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 73.94 | 74.71 | 75.40 | 75.57 | 76.40 | 77.49 | 78.14 |
| Change (%) | -2.16% | -1.14% | -0.22% | - | +1.10% | +2.54% | +3.40% |
| Change | -1.63 | -0.86 | -0.17 | - | +0.83 | +1.92 | +2.57 |
| Level | Minor | Minor | Major | - | Minor | Intermediate | Intermediate |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 72.29 | 73.90 | 74.88 | 76.49 | 77.47 | 79.08 | 80.06 |
| Camarilla | 75.14 | 75.38 | 75.61 | 75.85 | 76.09 | 76.33 | 76.56 |
| Woodie | 71.97 | 73.74 | 74.56 | 76.33 | 77.15 | 78.92 | 79.74 |
| Fibonacci | 73.90 | 74.89 | 75.50 | 76.49 | 77.48 | 78.09 | 79.08 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 68.59 | 70.58 | 74.29 | 76.28 | 79.99 | 81.98 | 85.69 |
| Camarilla | 76.44 | 76.97 | 77.49 | 78.01 | 78.53 | 79.06 | 79.58 |
| Woodie | 69.46 | 71.01 | 75.16 | 76.71 | 80.86 | 82.41 | 86.56 |
| Fibonacci | 70.58 | 72.75 | 74.10 | 76.28 | 78.45 | 79.80 | 81.98 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 59.34 | 63.58 | 67.51 | 71.75 | 75.68 | 79.92 | 83.85 |
| Camarilla | 69.20 | 69.95 | 70.70 | 71.45 | 72.20 | 72.95 | 73.70 |
| Woodie | 59.20 | 63.50 | 67.37 | 71.67 | 75.54 | 79.84 | 83.71 |
| Fibonacci | 63.58 | 66.70 | 68.63 | 71.75 | 74.87 | 76.80 | 79.92 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 38.93 | |
| MACD (12,26,9): | -0.3600 | |
| Directional Movement: | -18.99 | |
| AROON (14): | -78.57 | |
| DEMA (21): | 75.60 | |
| Parabolic SAR (0,02-0,02-0,2): | 76.61 | |
| Elder Ray (13): | -0.84 | |
| Super Trend (3,10): | 75.96 | |
| Zig ZAG (10): | 75.17 | |
| VORTEX (21): | 0.8400 | |
| Stochastique (14,3,5): | 18.20 | |
| TEMA (21): | 75.25 | |
| Williams %R (14): | -56.99 | |
| Chande Momentum Oscillator (20): | -1.39 | |
| Repulse (5,40,3): | 0.5800 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0200 | |
| Courbe Coppock: | 2.95 |
| MA7: | 76.64 | |
| MA20: | 74.08 | |
| MA50: | 73.47 | |
| MA100: | 78.82 | |
| MAexp7: | 75.38 | |
| MAexp20: | 75.98 | |
| MAexp50: | 76.18 | |
| MAexp100: | 76.30 | |
| Price / MA7: | -1.40% | |
| Price / MA20: | +2.01% | |
| Price / MA50: | +2.86% | |
| Price / MA100: | -4.12% | |
| Price / MAexp7: | +0.25% | |
| Price / MAexp20: | -0.54% | |
| Price / MAexp50: | -0.80% | |
| Price / MAexp100: | -0.96% |
Quotes :
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10 min delayed data
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NYMEX Futures
News
Don't forget to follow the news on WTI CRUDE OIL. At the time of publication of this analysis, the latest news was as follows:
-
Technical Analysis: 01/02/2024 - WTI oil futures battle with 61.8% Fibo
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Technical Analysis: 25/01/2024 - WTI oil futures challenge 61.8% Fibo
-
Technical Analysis: 18/01/2024 - WTI oil futures swing within neutral triangle
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Technical Analysis: 11/01/2024 - WTI crude oil remains within descending channel
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Technical Analysis: 07/12/2023 - WTI oil futures: Is the sell-off overdone?
This member declared not having a position on this financial instrument or a related financial instrument.
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