WTI CRUDE OIL - Daily - Technical analysis published on 08/05/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
17%
67%
17%
My opinion
Bearish under 75.37 USD
My targets
72.48 USD (-2.34%)
69.59 USD (-6.24%)
My analysis
WTI CRUDE OIL is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 75.37 USD. The next support located at 72.48 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 69.59 USD. Below this support, sellers could then target 65.73 USD. With the current pattern, you will need to monitor for possible bearish 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 bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.
Force
0
10
7
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This analysis was given by jann1414. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL rating is 74.22 USD. On the day, this instrument gained +1.76% and was between 73.84 USD and 74.24 USD. This implies that the price is at +0.51% from its lowest and at -0.03% from its highest.73.84
74.24
74.22
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
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of WTI CRUDE OIL indicates that the overall trend is strongly bearish. The signals given by moving averages are 85.71% bearish. This strong bearish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are bearish. There is still some doubt about the decline in the price.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
CCI indicator: bullish divergence
Type : Bullish
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 63.21 | 65.73 | 72.48 | 74.22 | 75.37 | 78.38 | 81.21 |
| Change (%) | -14.83% | -11.44% | -2.34% | - | +1.55% | +5.60% | +9.42% |
| Change | -11.01 | -8.49 | -1.74 | - | +1.15 | +4.16 | +6.99 |
| Level | Intermediate | Major | Intermediate | - | Minor | Intermediate | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 69.45 | 70.56 | 72.24 | 73.35 | 75.03 | 76.14 | 77.82 |
| Camarilla | 73.15 | 73.41 | 73.66 | 73.92 | 74.18 | 74.43 | 74.69 |
| Woodie | 69.74 | 70.70 | 72.53 | 73.49 | 75.32 | 76.28 | 78.11 |
| Fibonacci | 70.56 | 71.63 | 72.28 | 73.35 | 74.42 | 75.07 | 76.14 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 65.46 | 69.21 | 71.37 | 75.12 | 77.28 | 81.03 | 83.19 |
| Camarilla | 71.90 | 72.44 | 72.98 | 73.52 | 74.06 | 74.60 | 75.15 |
| Woodie | 64.66 | 68.81 | 70.57 | 74.72 | 76.48 | 80.63 | 82.39 |
| Fibonacci | 69.21 | 71.47 | 72.87 | 75.12 | 77.38 | 78.78 | 81.03 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 64.59 | 69.59 | 72.95 | 77.95 | 81.31 | 86.31 | 89.67 |
| Camarilla | 74.01 | 74.78 | 75.54 | 76.31 | 77.08 | 77.84 | 78.61 |
| Woodie | 63.77 | 69.18 | 72.13 | 77.54 | 80.49 | 85.90 | 88.85 |
| Fibonacci | 69.59 | 72.78 | 74.76 | 77.95 | 81.14 | 83.12 | 86.31 |
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): | 38.97 | |
| MACD (12,26,9): | -1.2600 | |
| Directional Movement: | -15.52 | |
| AROON (14): | -85.72 | |
| DEMA (21): | 75.72 | |
| Parabolic SAR (0,02-0,02-0,2): | 78.59 | |
| Elder Ray (13): | -2.24 | |
| Super Trend (3,10): | 80.24 | |
| Zig ZAG (10): | 74.21 | |
| VORTEX (21): | 0.8400 | |
| Stochastique (14,3,5): | 17.10 | |
| TEMA (21): | 74.34 | |
| Williams %R (14): | -75.90 | |
| Chande Momentum Oscillator (20): | -4.42 | |
| Repulse (5,40,3): | -2.1500 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.1200 | |
| Courbe Coppock: | 12.30 |
| MA7: | 75.20 | |
| MA20: | 77.89 | |
| MA50: | 77.79 | |
| MA100: | 78.10 | |
| MAexp7: | 75.21 | |
| MAexp20: | 77.04 | |
| MAexp50: | 77.71 | |
| MAexp100: | 77.25 | |
| Price / MA7: | -1.30% | |
| Price / MA20: | -4.71% | |
| Price / MA50: | -4.59% | |
| Price / MA100: | -4.97% | |
| Price / MAexp7: | -1.32% | |
| Price / MAexp20: | -3.66% | |
| Price / MAexp50: | -4.49% | |
| Price / MAexp100: | -3.92% |
Quotes :
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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: 04/04/2024 - WTI futures surge to a 5-month high
-
Technical Analysis: 28/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
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Technical Analysis: 21/03/2024 - WTI crude oil futures slip from 4-month peak
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Technical Analysis: 14/03/2024 - WTI oil futures fight with 80.80 bar
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Technical Analysis: 08/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
This member declared not having a position on this financial instrument or a related financial instrument.
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