ForecastCity_ME

WTI . Weekly Technical Analysis Update

Short
TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
39.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 39.70 is broken.

Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 39.50 on 11/05/2020, so more losses to support(s) 36.30, 34.60, 30.85 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 44.

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Comments

Brilliant work
+1 Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, Thank you!
Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, We appreciate your comment. Hope you get the most out of it.
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