WTI CRUDE OIL - 1H - Technical analysis published on 11/07/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Slightly bearish
Technical indicators
28%
44%
28%
My opinion
Bearish under 71.82 USD
My targets
70.41 USD (-1.26%)
69.74 USD (-2.20%)
My analysis
The short-term decline is currently reinforcing the basic trend, which is only slightly bearish. It would be possible for traders to only trade short positions (for sale) on WTI CRUDE OIL as long as the price remains well below 71.82 USD. The next bearish objective for sellers is set at 70.41 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 69.74 USD. In case of crossing, the next objective would be the support located at 68.52 USD.
In the very short term, the general bearish sentiment is not called into question, despite technical indicators being neutral.
Force
0
10
3
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This analysis was given by winewa8300. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
WTI CRUDE OIL rating 71.31 USD. On the day, this instrument lost -0.53% with the lowest point at 70.66 USD and the highest point at 72.29 USD. The deviation from the price is +0.92% for the low point and -1.36% for the high point.70.66
72.29
71.31
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 1H chart of WTI CRUDE OIL indicates that the overall trend is slightly bearish. Only 57.14% of the signals given by moving averages are bearish. This slightly bearish trend is reinforced by the strong signals currently being given by short-term moving averages. An assessment of moving averages reveals several bullish signals that could impact this trend:
Bullish trend reversal : adaptative moving average 100
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with adaptative moving average 50
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with adaptative moving average 100
Type : Bullish
Timeframe : 1 hour
An assessment of technical indicators does not currently provide any relevant information to suggest whether the signal given by the technical indicators is more bullish or bearish.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
Ichimoku : price is under the cloud
Type : Bearish
Timeframe : 1 hour
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bearish signal that could support the hypothesis of a small drop in the very short term:
Bearish engulfing lines
Type : Bearish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 68.52 | 69.74 | 70.41 | 71.31 | 71.82 | 73.09 | 76.06 |
| Change (%) | -3.91% | -2.20% | -1.26% | - | +0.72% | +2.50% | +6.66% |
| Change | -2.79 | -1.57 | -0.90 | - | +0.51 | +1.78 | +4.75 |
| Level | Minor | Intermediate | Intermediate | - | Major | Intermediate | 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 | 67.19 | 68.46 | 70.08 | 71.35 | 72.97 | 74.24 | 75.86 |
| Camarilla | 70.90 | 71.16 | 71.43 | 71.69 | 71.96 | 72.22 | 72.49 |
| Woodie | 67.36 | 68.55 | 70.25 | 71.44 | 73.14 | 74.33 | 76.03 |
| Fibonacci | 68.46 | 69.57 | 70.25 | 71.35 | 72.46 | 73.14 | 74.24 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.26 | 64.49 | 66.99 | 69.22 | 71.72 | 73.95 | 76.45 |
| Camarilla | 68.19 | 68.62 | 69.06 | 69.49 | 69.92 | 70.36 | 70.79 |
| Woodie | 62.40 | 64.56 | 67.13 | 69.29 | 71.86 | 74.02 | 76.59 |
| Fibonacci | 64.49 | 66.30 | 67.41 | 69.22 | 71.03 | 72.14 | 73.95 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 53.58 | 60.15 | 64.82 | 71.39 | 76.06 | 82.63 | 87.30 |
| Camarilla | 66.40 | 67.43 | 68.46 | 69.49 | 70.52 | 71.55 | 72.58 |
| Woodie | 52.63 | 59.68 | 63.87 | 70.92 | 75.11 | 82.16 | 86.35 |
| Fibonacci | 60.15 | 64.44 | 67.10 | 71.39 | 75.68 | 78.34 | 82.63 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 40.19 | |
| MACD (12,26,9): | -0.1600 | |
| Directional Movement: | -11.01 | |
| AROON (14): | -64.28 | |
| DEMA (21): | 71.31 | |
| Parabolic SAR (0,02-0,02-0,2): | 72.05 | |
| Elder Ray (13): | -0.32 | |
| Super Trend (3,10): | 72.12 | |
| Zig ZAG (10): | 71.15 | |
| VORTEX (21): | 0.8800 | |
| Stochastique (14,3,5): | 31.29 | |
| TEMA (21): | 71.20 | |
| Williams %R (14): | -66.87 | |
| Chande Momentum Oscillator (20): | -0.97 | |
| Repulse (5,40,3): | 0.3400 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.0000 | |
| Courbe Coppock: | 1.88 |
| MA7: | 70.58 | |
| MA20: | 70.49 | |
| MA50: | 70.04 | |
| MA100: | 72.75 | |
| MAexp7: | 71.33 | |
| MAexp20: | 71.44 | |
| MAexp50: | 71.46 | |
| MAexp100: | 71.16 | |
| Price / MA7: | +1.03% | |
| Price / MA20: | +1.16% | |
| Price / MA50: | +1.81% | |
| Price / MA100: | -1.98% | |
| Price / MAexp7: | -0.03% | |
| Price / MAexp20: | -0.18% | |
| Price / MAexp50: | -0.21% | |
| Price / MAexp100: | +0.21% |
Quotes :
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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:
-
Trade of the week: short WTI crude oil
-
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
This member declared not having a position on this financial instrument or a related financial instrument.
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