WTI CRUDE OIL - 15 min. - Technical analysis published on 08/30/2024 (GMT)
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- Timeframe : 15 min.
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
17%
56%
28%
My opinion
Bearish under 74.01 USD
My targets
72.76 USD (-1.31%)
71.48 USD (-3.06%)
My analysis
The bearish trend is currently very strong for WTI CRUDE OIL. As long as the price remains below the resistance at 74.01 USD, you could try to take advantage of the bearish rally. The first bearish objective is located at 72.76 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 71.48 USD as an objective. Crossing it would then enable sellers to target 69.83 USD. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
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
7.3
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Additional analysis
Quotes
WTI CRUDE OIL rating 73.73 USD. On the day, this instrument lost -2.87% and was between 73.48 USD and 76.59 USD. This implies that the price is at +0.34% from its lowest and at -3.73% from its highest.73.48
76.59
73.73
The Central Gaps scanner detects a bearish opening. A small advantage for sellers in the very short term.
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 LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 15 min. of this WTI CRUDE OIL chart shows a sharp bearish trend. 92.86% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further decline is moderate given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is oversold : under 30
Type : Neutral
Timeframe : 15 minutes
Pivot points : price is under support 1
Type : Neutral
Timeframe : 15 minutes
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 69.83 | 71.88 | 72.87 | 73.73 | 74.28 | 75.43 | 76.33 |
Change (%) | -5.29% | -2.51% | -1.17% | - | +0.75% | +2.31% | +3.53% |
Change | -3.90 | -1.85 | -0.86 | - | +0.55 | +1.70 | +2.60 |
Level | Intermediate | Major | Intermediate | - | Intermediate | Minor | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 71.48 | 72.76 | 74.34 | 75.62 | 77.20 | 78.48 | 80.06 |
Camarilla | 75.12 | 75.39 | 75.65 | 75.91 | 76.17 | 76.43 | 76.70 |
Woodie | 71.62 | 72.84 | 74.48 | 75.70 | 77.34 | 78.56 | 80.20 |
Fibonacci | 72.76 | 73.86 | 74.53 | 75.62 | 76.72 | 77.39 | 78.48 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 68.01 | 69.74 | 72.28 | 74.01 | 76.55 | 78.28 | 80.82 |
Camarilla | 73.66 | 74.05 | 74.44 | 74.83 | 75.22 | 75.61 | 76.00 |
Woodie | 68.43 | 69.94 | 72.70 | 74.21 | 76.97 | 78.48 | 81.24 |
Fibonacci | 69.74 | 71.37 | 72.38 | 74.01 | 75.64 | 76.65 | 78.28 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 63.48 | 68.48 | 71.84 | 76.84 | 80.20 | 85.20 | 88.56 |
Camarilla | 72.90 | 73.67 | 74.43 | 75.20 | 75.97 | 76.73 | 77.50 |
Woodie | 62.66 | 68.07 | 71.02 | 76.43 | 79.38 | 84.79 | 87.74 |
Fibonacci | 68.48 | 71.67 | 73.65 | 76.84 | 80.03 | 82.01 | 85.20 |
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): | 27.36 | |
MACD (12,26,9): | -0.4800 | |
Directional Movement: | -26.54 | |
AROON (14): | -100.00 | |
DEMA (21): | 73.54 | |
Parabolic SAR (0,02-0,02-0,2): | 74.52 | |
Elder Ray (13): | -0.38 | |
Super Trend (3,10): | 74.45 | |
Zig ZAG (10): | 73.56 | |
VORTEX (21): | 0.7300 | |
Stochastique (14,3,5): | 18.71 | |
TEMA (21): | 73.43 | |
Williams %R (14): | -73.24 | |
Chande Momentum Oscillator (20): | -0.15 | |
Repulse (5,40,3): | -0.0300 | |
ROCnROLL: | 2 | |
TRIX (15,9): | -0.1000 | |
Courbe Coppock: | 1.39 |
MA7: | 74.99 | |
MA20: | 74.85 | |
MA50: | 76.85 | |
MA100: | 76.31 | |
MAexp7: | 73.78 | |
MAexp20: | 74.19 | |
MAexp50: | 74.91 | |
MAexp100: | 75.25 | |
Price / MA7: | -1.68% | |
Price / MA20: | -1.50% | |
Price / MA50: | -4.06% | |
Price / MA100: | -3.38% | |
Price / MAexp7: | -0.07% | |
Price / MAexp20: | -0.62% | |
Price / MAexp50: | -1.58% | |
Price / MAexp100: | -2.02% |
Quotes :
-
10 min delayed data
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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 30, 2024
- WTI Crude Oil Forecast August 27, 2024
- WTI Crude Oil Forecast August 26, 2024
- WTI Crude Oil Forecast August 16, 2024
- WTI Crude Oil Forecast August 9, 2024
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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