WTI CRUDE OIL - 1H - Technical analysis published on 02/28/2024 (GMT)
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- 0
- Timeframe : 1H
- - Analysis generated on
- Status : NEUTRAL
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Slightly bullish
Technical indicators
17%
50%
33%
My opinion
Neutral between 77.00 USD and 78.56 USD
My targets
-
My analysis
A slightly bullish trend and a neutral short term. With such a pattern, it is difficult to favour buying or selling. The first resistance is located at 78.56 USD. The first support is located at 77.00 USD. A very slight advantage is given by the slightly bullish basic trend so that the resistance is reached first, but should we take this into account? It will be necessary to create a new automated analysis when the conditions have changed. This may be the case, for example, when the first resistance has been broken above or the first support has been broken below.
In the very short term, despite the neutral opinion of this analysis, technical indicators are bearish and could soon allow change to a bearish sentiment.
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Additional analysis
Quotes
The WTI CRUDE OIL rating is 77.98 USD. The price registered a decrease of -1.13% on the session and was between 77.78 USD and 78.65 USD. This implies that the price is at +0.26% from its lowest and at -0.85% from its highest.77.78
78.65
77.98
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 HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in 1H of this WTI CRUDE OIL chart shows a slightly bullish trend. 60.71% of the signals given by moving averages are bullish. As the signals currently given by short-term moving averages are rather neutral, the slightly bullish trend could return to neutral. The Central Indicators scanner detects a bearish signal on moving averages that could impact this trend:
Bearish trend reversal : Moving Average 20
Type : Bearish
Timeframe : 1 hour
The probability of a further decline is low given the direction of the technical indicators.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
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 | 75.84 | 76.32 | 77.00 | 77.98 | 78.02 | 78.56 | 79.00 |
| Change (%) | -2.74% | -2.13% | -1.26% | - | +0.05% | +0.74% | +1.31% |
| Change | -2.14 | -1.66 | -0.98 | - | +0.04 | +0.58 | +1.02 |
| Level | Minor | Intermediate | Major | - | Minor | Intermediate | Minor |
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 | 75.86 | 76.52 | 77.69 | 78.35 | 79.52 | 80.18 | 81.35 |
| Camarilla | 78.37 | 78.54 | 78.70 | 78.87 | 79.04 | 79.21 | 79.37 |
| Woodie | 76.13 | 76.65 | 77.96 | 78.48 | 79.79 | 80.31 | 81.62 |
| Fibonacci | 76.52 | 77.22 | 77.65 | 78.35 | 79.05 | 79.48 | 80.18 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 72.97 | 74.64 | 75.57 | 77.24 | 78.17 | 79.84 | 80.77 |
| Camarilla | 75.78 | 76.01 | 76.25 | 76.49 | 76.73 | 76.97 | 77.21 |
| Woodie | 72.59 | 74.46 | 75.19 | 77.06 | 77.79 | 79.66 | 80.39 |
| Fibonacci | 74.64 | 75.64 | 76.25 | 77.24 | 78.24 | 78.85 | 79.84 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 57.64 | 62.86 | 67.85 | 73.07 | 78.06 | 83.28 | 88.27 |
| Camarilla | 70.02 | 70.96 | 71.89 | 72.83 | 73.77 | 74.70 | 75.64 |
| Woodie | 57.52 | 62.80 | 67.73 | 73.01 | 77.94 | 83.22 | 88.15 |
| Fibonacci | 62.86 | 66.76 | 69.17 | 73.07 | 76.97 | 79.38 | 83.28 |
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): | 47.09 | |
| MACD (12,26,9): | 0.0600 | |
| Directional Movement: | -6.35 | |
| AROON (14): | -78.57 | |
| DEMA (21): | 78.35 | |
| Parabolic SAR (0,02-0,02-0,2): | 78.75 | |
| Elder Ray (13): | -0.17 | |
| Super Trend (3,10): | 77.85 | |
| Zig ZAG (10): | 78.07 | |
| VORTEX (21): | 1.0400 | |
| Stochastique (14,3,5): | 27.72 | |
| TEMA (21): | 78.19 | |
| Williams %R (14): | -70.11 | |
| Chande Momentum Oscillator (20): | -0.51 | |
| Repulse (5,40,3): | -0.2200 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.0300 | |
| Courbe Coppock: | 1.00 |
| MA7: | 77.79 | |
| MA20: | 75.93 | |
| MA50: | 73.93 | |
| MA100: | 75.72 | |
| MAexp7: | 78.14 | |
| MAexp20: | 78.20 | |
| MAexp50: | 77.93 | |
| MAexp100: | 77.70 | |
| Price / MA7: | +0.24% | |
| Price / MA20: | +2.70% | |
| Price / MA50: | +5.48% | |
| Price / MA100: | +2.98% | |
| Price / MAexp7: | -0.20% | |
| Price / MAexp20: | -0.28% | |
| Price / MAexp50: | +0.06% | |
| Price / MAexp100: | +0.36% |
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:
-
Oil Forecast for Feb 22, 2024, by Chris Lewis #fxempire #trading #crudeoil #usoil
-
Technical Analysis: 22/02/2024 - WTI oil futures in fierce battle with 200-SMA
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Oil Forecast and Technical Analysis 02.21.24, by Chris Lewis #FXEmpire #trading #crudeoil #usoil
-
Oil Forecast and Technical Analysis 02.20.24, by Chris Lewis #FXEmpire #trading #crudeoil #usoil
-
Technical Analysis: 15/02/2024 - WTI oil futures get rejected by 200-day SMA
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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