WTI CRUDE OIL - Daily - Technical analysis published on 08/12/2024 (GMT)
- 155
- 0
Oops, I was wrong about that analysis. My threshold for invalidation has been broken.
Click here for a new analysis!
Click here for a new analysis!
- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Bullish
Underlying:
Bullish
Technical indicators
56%
17%
28%
My opinion
Bullish above 75.27 USD
My targets
78.77 USD (+1.05%)
81.14 USD (+4.09%)
My analysis
A bullish trend on WTI CRUDE OIL both in substance and in the short term. A purchase could be considered as long as the price remains above 75.27 USD. Each resistance break is a strong signal that the current trend will continue. The first bullish objective would be 78.77 USD. Then the price could move towards 81.14 USD. Then 82.98 USD by extension. Be careful, a return below 75.27 USD would be a sign of the trend weakening and a possible correction phase could then occur. In this case, you could keep away while waiting for a signal that the basic trend will resume. Trading against the trend could be riskier.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
4.5
Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.
This analysis was given by Muhahaha. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL rating is 77.95 USD. The price registered an increase of +1.45% on the session and was between 76.70 USD and 77.98 USD. This implies that the price is at +1.63% from its lowest and at -0.04% from its highest.76.70
77.98
77.95
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
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:
Technical
Technical analysis of this Daily chart of WTI CRUDE OIL indicates that the overall trend is bullish. 67.86% of the signals given by moving averages are bullish. This bullish trend shows slight signs of slowing down given the slightly bullish signals given by the short-term moving averages. The Central Indicators scanner detects bullish signals on moving averages that could impact this trend:
Bullish trend reversal : adaptative moving average 20
Type : Bullish
Timeframe : Daily
Bullish price crossover with Moving Average 20
Type : Bullish
Timeframe : Daily
Bullish price crossover with adaptative moving average 50
Type : Bullish
Timeframe : Daily
The technical indicators are bullish. There is still some doubt about the price increase.
But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Daily
RSI indicator is back over 50
Type : Bullish
Timeframe : Daily
MACD crosses UP its Moving Average
Type : Bullish
Timeframe : Daily
Parabolic SAR indicator bullish reversal
Type : Bullish
Timeframe : Daily
The analysis of the price chart with Central Patterns scanners does not return any result.
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 | 65.73 | 73.01 | 75.27 | 77.95 | 78.77 | 81.14 | 82.98 |
| Change (%) | -15.68% | -6.34% | -3.44% | - | +1.05% | +4.09% | +6.45% |
| Change | -12.22 | -4.94 | -2.68 | - | +0.82 | +3.19 | +5.03 |
| Level | Major | Major | Intermediate | - | Major | Minor | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 74.86 | 75.35 | 76.10 | 76.59 | 77.34 | 77.83 | 78.58 |
| Camarilla | 76.50 | 76.61 | 76.73 | 76.84 | 76.95 | 77.07 | 77.18 |
| Woodie | 74.98 | 75.42 | 76.22 | 76.66 | 77.46 | 77.90 | 78.70 |
| Fibonacci | 75.35 | 75.83 | 76.12 | 76.59 | 77.07 | 77.36 | 77.83 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 67.89 | 69.78 | 73.31 | 75.20 | 78.73 | 80.62 | 84.15 |
| Camarilla | 75.35 | 75.85 | 76.34 | 76.84 | 77.34 | 77.83 | 78.33 |
| Woodie | 68.71 | 70.19 | 74.13 | 75.61 | 79.55 | 81.03 | 84.97 |
| Fibonacci | 69.78 | 71.85 | 73.13 | 75.20 | 77.27 | 78.55 | 80.62 |
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 technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 52.48 | |
| MACD (12,26,9): | -0.8100 | |
| Directional Movement: | -1.28 | |
| AROON (14): | -14.29 | |
| DEMA (21): | 75.74 | |
| Parabolic SAR (0,02-0,02-0,2): | 71.67 | |
| Elder Ray (13): | 0.96 | |
| Super Trend (3,10): | 80.24 | |
| Zig ZAG (10): | 77.85 | |
| VORTEX (21): | 0.9100 | |
| Stochastique (14,3,5): | 72.49 | |
| TEMA (21): | 75.08 | |
| Williams %R (14): | -14.84 | |
| Chande Momentum Oscillator (20): | -0.47 | |
| Repulse (5,40,3): | 3.3400 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | -0.1800 | |
| Courbe Coppock: | 7.80 |
| MA7: | 75.11 | |
| MA20: | 76.96 | |
| MA50: | 77.89 | |
| MA100: | 78.04 | |
| MAexp7: | 76.18 | |
| MAexp20: | 76.79 | |
| MAexp50: | 77.48 | |
| MAexp100: | 77.17 | |
| Price / MA7: | +3.78% | |
| Price / MA20: | +1.29% | |
| Price / MA50: | +0.08% | |
| Price / MA100: | -0.12% | |
| Price / MAexp7: | +2.32% | |
| Price / MAexp20: | +1.51% | |
| Price / MAexp50: | +0.61% | |
| Price / MAexp100: | +1.01% |
Quotes :
-
10 min delayed data
-
NYMEX Futures
News
The latest news and videos published on WTI CRUDE OIL at the time of the analysis were as follows:
-
WTI Crude Oil Forecast August 9, 2024
-
WTI Crude Oil Forecast August 8, 2024
-
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
-
Technical Analysis: 21/03/2024 - WTI crude oil futures slip from 4-month peak
This member declared not having a position on this financial instrument or a related financial instrument.
About author
Online
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…
Add a comment
Comments
0 comments on the analysis WTI CRUDE OIL - Daily