WTI CRUDE OIL - Daily - Technical analysis published on 10/23/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Bearish
Underlying:
Bearish
Technical indicators
28%
50%
22%
My opinion
Bearish under 72.78 USD
My targets
68.35 USD (-2.99%)
63.14 USD (-10.39%)
My analysis
There is a bearish trend on WTI CRUDE OIL both at the basic level and in the short term. A sale could be considered, so long as the price remains below 72.78 USD. Each support break is a strong signal that the current trend will continue. The first bearish objective would be 68.35 USD. Then the price could move towards 63.14 USD. Then 56.60 USD by extension. Be careful, a return to above the resistance 72.78 USD would be a sign of a weakening of the trend and a possible rebound 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 is perhaps more risky.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
4.6
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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 70.46 USD. On the day, this instrument lost -1.78% and was traded between 70.13 USD and 71.72 USD over the period. The price is currently at +0.47% from its lowest and -1.76% from its highest.70.13
71.72
70.46
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:
Technical
Technical analysis of this Daily chart of WTI CRUDE OIL indicates that the overall trend is bearish. The signals given by moving averages are at 75.00% bearish. This bearish trend shows slight signs of slowing down given the slightly bearish signals of short-term moving averages. The Central Indicators market scanner is currently detecting several bearish signals that could impact this trend:
Bearish price crossover with Moving Average 20
Type : Bearish
Timeframe : Daily
Bearish price crossover with Moving Average 50
Type : Bearish
Timeframe : Daily
In fact, of the 18 technical indicators analysed by Central Analyzer, 5 are bullish, 4 are neutral and 9 are bearish. Caution: the Central Indicators scanner currently detects an excess:
MACD indicator: bearish divergence
Type : Bearish
Timeframe : Daily
RSI indicator is back under 50
Type : Bearish
Timeframe : Daily
MACD indicator is back under 0
Type : Bearish
Timeframe : Daily
Ichimoku - Bearish crossover : Tenkan & Kijun
Type : Bearish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Daily
The analysis of the price chart with Central Patterns scanners does not return any result.
For a small setback in the very short term, the Central Candlesticks scanner currently notes the presence of this bearish pattern in Japanese candlesticks:
Bearish harami
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 63.14 | 68.35 | 70.41 | 70.46 | 72.78 | 76.64 | 78.48 |
| Change (%) | -10.39% | -2.99% | -0.07% | - | +3.29% | +8.77% | +11.38% |
| Change | -7.32 | -2.11 | -0.05 | - | +2.32 | +6.18 | +8.02 |
| Level | Major | Intermediate | Major | - | Intermediate | Intermediate | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 67.29 | 68.32 | 70.03 | 71.06 | 72.77 | 73.80 | 75.51 |
| Camarilla | 70.99 | 71.24 | 71.49 | 71.74 | 71.99 | 72.24 | 72.49 |
| Woodie | 67.63 | 68.49 | 70.37 | 71.23 | 73.11 | 73.97 | 75.85 |
| Fibonacci | 68.32 | 69.37 | 70.01 | 71.06 | 72.11 | 72.75 | 73.80 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 60.02 | 64.11 | 66.41 | 70.50 | 72.80 | 76.89 | 79.19 |
| Camarilla | 66.96 | 67.55 | 68.13 | 68.72 | 69.31 | 69.89 | 70.48 |
| Woodie | 59.14 | 63.66 | 65.53 | 70.05 | 71.92 | 76.44 | 78.31 |
| Fibonacci | 64.11 | 66.55 | 68.06 | 70.50 | 72.94 | 74.45 | 76.89 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 55.30 | 59.54 | 64.44 | 68.68 | 73.58 | 77.82 | 82.72 |
| Camarilla | 66.82 | 67.65 | 68.49 | 69.33 | 70.17 | 71.01 | 71.84 |
| Woodie | 55.62 | 59.71 | 64.76 | 68.85 | 73.90 | 77.99 | 83.04 |
| Fibonacci | 59.54 | 63.04 | 65.19 | 68.68 | 72.18 | 74.33 | 77.82 |
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): | 48.40 | |
| MACD (12,26,9): | -0.0100 | |
| Directional Movement: | 2.23 | |
| AROON (14): | -57.14 | |
| DEMA (21): | 71.17 | |
| Parabolic SAR (0,02-0,02-0,2): | 75.00 | |
| Elder Ray (13): | -0.17 | |
| Super Trend (3,10): | 66.74 | |
| Zig ZAG (10): | 70.48 | |
| VORTEX (21): | 0.9600 | |
| Stochastique (14,3,5): | 26.17 | |
| TEMA (21): | 71.27 | |
| Williams %R (14): | -77.07 | |
| Chande Momentum Oscillator (20): | -6.21 | |
| Repulse (5,40,3): | 0.6600 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.0700 | |
| Courbe Coppock: | 0.19 |
| MA7: | 70.15 | |
| MA20: | 71.29 | |
| MA50: | 70.76 | |
| MA100: | 73.18 | |
| MAexp7: | 70.80 | |
| MAexp20: | 71.08 | |
| MAexp50: | 71.39 | |
| MAexp100: | 72.08 | |
| Price / MA7: | +0.44% | |
| Price / MA20: | -1.16% | |
| Price / MA50: | -0.42% | |
| Price / MA100: | -3.72% | |
| Price / MAexp7: | -0.48% | |
| Price / MAexp20: | -0.87% | |
| Price / MAexp50: | -1.30% | |
| Price / MAexp100: | -2.25% |
Quotes :
-
10 min delayed data
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NYMEX Futures
News
Don't forget to follow the news on WTI CRUDE OIL. At the time of publication of this analysis, the latest news was as follows:
-
WTI Crude Oil Forecast October 2, 2024
-
WTI Crude Oil Forecast September 23, 2024
-
WTI Crude Oil Forecast September 20, 2024
-
WTI Crude Oil Forecast September 4, 2024
-
WTI Crude Oil Forecast August 30, 2024
This member declared not having a position on this financial instrument or a related financial instrument.
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