WTI . Weekly Technical Analysis Update
Midterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 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 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) 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 32.
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While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 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 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) 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 32.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
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