ForecastCity_ME

WTI . Weekly Technical Analysis Update

TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 37.15 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
. There is a divergence in RSI and price between the peak at 40 .565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.60 on 08/ 05 /2020, so more losses to support(s) 42.30, 38.85 and minimum to Major Support (37.15) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 59.

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Comments

Thank you
+2 Reply
ForecastCity_ME Josef_anderson
@Josef_anderson, you're welcome.
Reply
Your analysis is worth considering. How much can we count on its accuracy?
+2 Reply
@Kamryn, As long as the low price of resistance is 43.60. We expect beginning of downtrend
When we make sure that the support of 37.15 breaks.
+1 Reply
Kamryn ForecastCity_ME
@ForecastCity_ME, Thank you for your great support.
Reply
@Kamryn, we are happy to happy to help. good luck!
Reply
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