WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
Open: -
Change: -
Volume: -
Low: -
High: -
High / Low range: -
Type: Commodities
Ticker: WBS
ISIN:

WTI CRUDE OIL - Daily - Technical analysis published on 06/24/2024 (GMT)

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  • Timeframe : Daily
  • - Analysis generated on
  • Status : TARGET REACHED

Summary of the analysis

Trends
Short term: Strongly bullish
Underlying: Bullish
Technical indicators
83%
0%
17%
My opinion
Bullish above 77.33 USD
My targets
82.64 USD (+2.39%)
84.63 USD (+4.86%)
My analysis
In the short term, there could be an acceleration of the basic bullish trend on WTI CRUDE OIL. This is a positive signal for buyers. As long as the price remains above 77.33 USD, a purchase could be considered. The first bullish objective is located at 82.64 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 84.63 USD as an objective. Crossing it would then enable buyers to target 88.22 USD. In the event of a return below 77.33 USD, the price would probably only initiate a small short-term correction to improve the bullish trend. Trading this correction may be risky.

Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
7.3

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This analysis was given by Muhahaha. Take part yourself by sharing additional analysis on another time unit:
15 min. 1H Weekly

Additional analysis

Quotes

The WTI CRUDE OIL price is 80.71 USD. On the day, this instrument lost -0.03% and was between 80.23 USD and 80.77 USD. This implies that the price is at +0.60% from its lowest and at -0.07% from its highest.

80.23
80.77
80.71

A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.

Central Gaps

Bearish opening

Type : Bearish

Timeframe : Openning



A study of price movements over other periods shows the following variations:
The Central Records scanner for higher/lower results shows an item:

Central Records

Near a new HIGH record (1 month)

Type : Bullish

Timeframe : Weekly



Technical


A technical analysis in Daily of this WTI CRUDE OIL chart shows a bullish trend. 78.57% of the signals given by moving averages are bullish. The overall trend is reinforced by the strong bullish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.

The probability of a further increase is high given the direction of the technical indicators.
But beware of excesses. The Central Indicators scanner currently detects this:

Central Indicators

Williams %R indicator is overbought : over -20

Type : Neutral

Timeframe : Daily

No additional result has been identified by Central Indicators, the scanner specialised in technical indicators.

The analysis of the price chart with Central Patterns scanners does not return any result.

No result was found by the Central Candlesticks scanner on Japanese candlesticks.


ProTrendLines
S3
S2
S1
R1
R2
R3
Price


S3S2S1PriceR1R2R3
ProTrendLines 67.30 74.05 77.33 80.71 82.64 84.63 88.22
Change (%) -16.62% -8.25% -4.19% - +2.39% +4.86% +9.30%
Change -13.41 -6.66 -3.38 - +1.93 +3.92 +7.51
Level Major Intermediate Major - Minor Major Major



Attention could also be paid to pivot points to set price objectives:

Daily
Pivot points S3 S2 S1 PP R1 R2 R3
Standard78.6879.5280.1280.9681.5682.4083.00
Camarilla80.3380.4780.6080.7380.8680.9981.13
Woodie78.5779.4680.0180.9081.4582.3482.89
Fibonacci79.5280.0780.4180.9681.5181.8582.40


Weekly
Pivot points S3 S2 S1 PP R1 R2 R3
Standard73.5075.3778.0579.9282.6084.4787.15
Camarilla79.4879.9080.3180.7381.1581.5681.98
Woodie73.9175.5778.4680.1283.0184.6787.56
Fibonacci75.3777.1178.1879.9281.6682.7384.47


Monthly
Pivot points S3 S2 S1 PP R1 R2 R3
Standard70.0172.7174.4877.1878.9581.6583.42
Camarilla75.0275.4375.8476.2576.6677.0777.48
Woodie69.5572.4874.0276.9578.4981.4282.96
Fibonacci72.7174.4275.4777.1878.8979.9481.65

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): 61.62
MACD (12,26,9): 0.8500
Directional Movement: 12.13
AROON (14): 92.86
DEMA (21): 79.32
Parabolic SAR (0,02-0,02-0,2): 75.29
Elder Ray (13): 1.40
Super Trend (3,10): 76.19
Zig ZAG (10): 80.71
VORTEX (21): 1.1400
Stochastique (14,3,5): 91.99
TEMA (21): 80.51
Williams %R (14): -11.12
Chande Momentum Oscillator (20): 5.90
Repulse (5,40,3): 1.3400
ROCnROLL: 1
TRIX (15,9): 0.0300
Courbe Coppock: 12.89
MA7: 80.21
MA20: 77.56
MA50: 78.40
MA100: 77.86
MAexp7: 80.06
MAexp20: 78.56
MAexp50: 78.16
MAexp100: 77.42
Price / MA7: +0.62%
Price / MA20: +4.06%
Price / MA50: +2.95%
Price / MA100: +3.66%
Price / MAexp7: +0.81%
Price / MAexp20: +2.74%
Price / MAexp50: +3.26%
Price / MAexp100: +4.25%

Quotes : - 10 min delayed data - NYMEX Futures

This member declared not having a position on this financial instrument or a related financial instrument.

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