ForecastCity_ME

WTI . Weekly Technical Analysis Update

Short
TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 34.60 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
While the RSI resistance #1 at 65 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 40 .20 on 11/13/2020, so more gains maximum to Major Resistance (43.75) 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 60.

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