WTI CRUDE OIL - 1H - Technical analysis published on 04/24/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bullish
Technical indicators
28%
33%
39%
My opinion
Bullish above 81.41 USD
My targets
83.88 USD (+1.29%)
84.58 USD (+2.14%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on WTI CRUDE OIL. As long as you are above the support located at 81.41 USD, traders with an aggressive trading strategy could consider a purchase. A cross of the resistance located at 83.88 USD would be a signal that the basic trade will reverse and the short-term trend could then quickly become bullish. Buyers would then use the next resistance located at 84.58 USD as an objective. Crossing it would then enable buyers to target 85.13 USD. If the support 81.41 USD were to be broken, this would simply be a sign of a possible continuation of short-term consolidation and trading against the trend would then perhaps be more risky.
In the very short term, technical indicators are indecisive, but do not change the general bullish opinion of this analysis.
Force
0
10
2.3
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This analysis was given by Ralhosni. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 82.81 USD. The price has increased by +0.00% since the last closing and was traded between 82.77 USD and 82.91 USD over the period. The price is currently at +0.05% from its lowest and -0.12% from its highest.82.77
82.91
82.81
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of WTI CRUDE OIL indicates that the overall trend is bullish. The signals given by moving averages are 71.43% bullish. This bullish trend could slow down given the neutral signals currently being given by short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, of the 18 technical indicators analysed by Central Analyzer, 5 are bullish, 7 are neutral and 6 are bearish. Central Indicators, the detector scanner for these technical indicators has recently detected several signals:
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The presence of a bullish Japanese candlestick pattern detected by Central Candlesticks that could cause a very short term rebound was also detected:
Bullish harami cross
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 80.42 | 80.88 | 81.41 | 82.81 | 83.01 | 83.88 | 84.58 |
| Change (%) | -2.89% | -2.33% | -1.69% | - | +0.24% | +1.29% | +2.14% |
| Change | -2.39 | -1.93 | -1.40 | - | +0.20 | +1.07 | +1.77 |
| Level | Intermediate | Intermediate | Minor | - | Intermediate | Intermediate | Minor |
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 | 81.01 | 81.73 | 82.28 | 83.00 | 83.55 | 84.27 | 84.82 |
| Camarilla | 82.49 | 82.61 | 82.72 | 82.84 | 82.96 | 83.07 | 83.19 |
| Woodie | 80.94 | 81.69 | 82.21 | 82.96 | 83.48 | 84.23 | 84.75 |
| Fibonacci | 81.73 | 82.21 | 82.51 | 83.00 | 83.48 | 83.78 | 84.27 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 75.19 | 77.81 | 79.90 | 82.52 | 84.61 | 87.23 | 89.32 |
| Camarilla | 80.71 | 81.14 | 81.57 | 82.00 | 82.43 | 82.86 | 83.30 |
| Woodie | 74.94 | 77.68 | 79.65 | 82.39 | 84.36 | 87.10 | 89.07 |
| Fibonacci | 77.81 | 79.61 | 80.72 | 82.52 | 84.32 | 85.43 | 87.23 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 69.03 | 72.05 | 77.31 | 80.33 | 85.59 | 88.61 | 93.87 |
| Camarilla | 80.29 | 81.05 | 81.81 | 82.57 | 83.33 | 84.09 | 84.85 |
| Woodie | 70.15 | 72.61 | 78.43 | 80.89 | 86.71 | 89.17 | 94.99 |
| Fibonacci | 72.05 | 75.21 | 77.17 | 80.33 | 83.49 | 85.45 | 88.61 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 47.71 | |
| MACD (12,26,9): | -0.0200 | |
| Directional Movement: | 1.23 | |
| AROON (14): | -71.43 | |
| DEMA (21): | 82.92 | |
| Parabolic SAR (0,02-0,02-0,2): | 83.36 | |
| Elder Ray (13): | -0.08 | |
| Super Trend (3,10): | 83.80 | |
| Zig ZAG (10): | 82.79 | |
| VORTEX (21): | 0.9300 | |
| Stochastique (14,3,5): | 32.46 | |
| TEMA (21): | 82.75 | |
| Williams %R (14): | -68.14 | |
| Chande Momentum Oscillator (20): | 0.03 | |
| Repulse (5,40,3): | -0.0800 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.0100 | |
| Courbe Coppock: | 1.12 |
| MA7: | 82.29 | |
| MA20: | 83.57 | |
| MA50: | 80.09 | |
| MA100: | 75.35 | |
| MAexp7: | 82.83 | |
| MAexp20: | 82.90 | |
| MAexp50: | 82.73 | |
| MAexp100: | 82.64 | |
| Price / MA7: | +0.63% | |
| Price / MA20: | -0.91% | |
| Price / MA50: | +3.40% | |
| Price / MA100: | +9.90% | |
| Price / MAexp7: | -0.02% | |
| Price / MAexp20: | -0.11% | |
| Price / MAexp50: | +0.10% | |
| 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:
-
Technical Analysis: 04/04/2024 - WTI futures surge to a 5-month high
-
Technical Analysis: 28/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
-
Technical Analysis: 21/03/2024 - WTI crude oil futures slip from 4-month peak
-
Technical Analysis: 14/03/2024 - WTI oil futures fight with 80.80 bar
-
Technical Analysis: 08/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
This member declared not having a position on this financial instrument or a related financial instrument.
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