WTI CRUDE OIL - Daily - Technical analysis published on 02/05/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Bearish
Underlying:
Strongly bearish
Technical indicators
22%
44%
33%
My opinion
Bearish under 75.40 USD
My targets
71.23 USD (-0.96%)
68.84 USD (-4.29%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on WTI CRUDE OIL as long as the price remains well below 75.40 USD. The next bearish objective for sellers is set at 71.23 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 68.84 USD. If there is any crossing, the next objective would be the support located at 64.66 USD. Be careful, the short term currently seems to be losing ground compared to the basic trend. Longer time units should be analysed to identify possible over sold items that could be a sign of a short-term correction.
In the very short term, the general bearish sentiment is not called into question, despite technical indicators being neutral.
Force
0
10
5.7
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This analysis was given by amarnath007in. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL rating is 71.92 USD. The price registered a decrease of -0.50% on the session and was traded between 71.61 USD and 72.98 USD over the period. The price is currently at +0.43% from its lowest and -1.45% from its highest.71.61
72.98
71.92
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 LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in Daily of this WTI CRUDE OIL chart shows a sharp bearish trend. 85.71% of the signals given by moving averages are bearish. This strongly bearish trend is showing signs of slowing down given the slightly bearish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
On the 18 technical indicators analysed, 4 are bullish, 6 are neutral and 8 are bearish. Caution: the Central Indicators scanner currently detects an excess:
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : Daily
The analysis of the price chart with Central Patterns scanners does not return any result.
For a small setback in the very short term, the Central Candlesticks scanner currently notes the presence of this bearish pattern in Japanese candlesticks:
Three black crows
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 51.21 | 64.66 | 71.23 | 71.92 | 75.40 | 80.90 | 88.76 |
| Change (%) | -28.80% | -10.09% | -0.96% | - | +4.84% | +12.49% | +23.41% |
| Change | -20.71 | -7.26 | -0.69 | - | +3.48 | +8.98 | +16.84 |
| Level | Minor | Minor | Major | - | Major | Intermediate | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 68.48 | 70.13 | 71.21 | 72.86 | 73.94 | 75.59 | 76.67 |
| Camarilla | 71.53 | 71.78 | 72.03 | 72.28 | 72.53 | 72.78 | 73.03 |
| Woodie | 68.19 | 69.99 | 70.92 | 72.72 | 73.65 | 75.45 | 76.38 |
| Fibonacci | 70.13 | 71.18 | 71.82 | 72.86 | 73.91 | 74.55 | 75.59 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.12 | 66.95 | 69.62 | 74.45 | 77.12 | 81.95 | 84.62 |
| Camarilla | 70.22 | 70.91 | 71.59 | 72.28 | 72.97 | 73.66 | 74.34 |
| Woodie | 61.03 | 66.41 | 68.53 | 73.91 | 76.03 | 81.41 | 83.53 |
| Fibonacci | 66.95 | 69.82 | 71.59 | 74.45 | 77.32 | 79.09 | 81.95 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 58.63 | 63.85 | 68.84 | 74.06 | 79.05 | 84.27 | 89.26 |
| Camarilla | 71.01 | 71.95 | 72.88 | 73.82 | 74.76 | 75.69 | 76.63 |
| Woodie | 58.51 | 63.79 | 68.72 | 74.00 | 78.93 | 84.21 | 89.14 |
| Fibonacci | 63.85 | 67.75 | 70.16 | 74.06 | 77.96 | 80.37 | 84.27 |
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): | 42.78 | |
| MACD (12,26,9): | 0.2500 | |
| Directional Movement: | -3.98 | |
| AROON (14): | 57.15 | |
| DEMA (21): | 74.52 | |
| Parabolic SAR (0,02-0,02-0,2): | 78.88 | |
| Elder Ray (13): | -2.02 | |
| Super Trend (3,10): | 70.65 | |
| Zig ZAG (10): | 71.86 | |
| VORTEX (21): | 0.9800 | |
| Stochastique (14,3,5): | 26.21 | |
| TEMA (21): | 75.03 | |
| Williams %R (14): | -82.65 | |
| Chande Momentum Oscillator (20): | -2.02 | |
| Repulse (5,40,3): | -6.4000 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.1200 | |
| Courbe Coppock: | 6.73 |
| MA7: | 75.20 | |
| MA20: | 73.98 | |
| MA50: | 73.25 | |
| MA100: | 78.49 | |
| MAexp7: | 74.06 | |
| MAexp20: | 74.16 | |
| MAexp50: | 74.60 | |
| MAexp100: | 75.96 | |
| Price / MA7: | -4.36% | |
| Price / MA20: | -2.78% | |
| Price / MA50: | -1.82% | |
| Price / MA100: | -8.37% | |
| Price / MAexp7: | -2.89% | |
| Price / MAexp20: | -3.02% | |
| Price / MAexp50: | -3.59% | |
| Price / MAexp100: | -5.32% |
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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