WTI CRUDE OIL - 1H - Technical analysis published on 09/22/2020 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Court terme:
Neutral
De fond:
Bearish
Technical indicators
61%
6%
33%
My opinion
Bearish under 40.32 USD
My targets
39.42 USD (-0.90%)
38.87 USD (-2.29%)
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 under the resistance located at 40.32 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 39.42 USD would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 38.87 USD as an objective. Crossing it would then enable sellers to target 37.16 USD. If the resistance 40.32 USD were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
0.7
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 39.78 USD. The price registered an increase of +0.61% on the session and was traded between 39.36 USD and 40.02 USD over the period. The price is currently at +1.07% from its lowest and -0.60% from its highest.39.36
40.02
39.78
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
Here is a more detailed summary of the historical variations registered by WTI CRUDE OIL:
Technical
Technical analysis of this 1H chart of WTI CRUDE OIL indicates that the overall trend is bearish. 64.29% of the signals given by moving averages are bearish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further increase are moderate given the direction of the technical indicators.
But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
Williams %R indicator is back over -50
Type : Bullish
Timeframe : 1 hour
The analysis of the price chart with Central Patterns scanners does not return any result.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bullish signal that could support the hypothesis of a small rebound in the very short term:
Bullish harami
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 37.16 | 38.87 | 39.42 | 39.78 | 40.32 | 40.77 | 41.49 |
| Change (%) | -6.59% | -2.29% | -0.90% | - | +1.36% | +2.49% | +4.30% |
| Change | -2.62 | -0.91 | -0.36 | - | +0.54 | +0.99 | +1.71 |
| Level | Major | Intermediate | Minor | - | Minor | Minor | Major |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 39.10 | 39.35 | 39.52 | 39.77 | 39.94 | 40.19 | 40.36 |
| Camarilla | 39.57 | 39.61 | 39.65 | 39.69 | 39.73 | 39.77 | 39.81 |
| Woodie | 39.06 | 39.33 | 39.48 | 39.75 | 39.90 | 40.17 | 40.32 |
| Fibonacci | 39.35 | 39.51 | 39.61 | 39.77 | 39.93 | 40.03 | 40.19 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 33.45 | 35.14 | 38.12 | 39.81 | 42.79 | 44.48 | 47.46 |
| Camarilla | 39.83 | 40.25 | 40.68 | 41.11 | 41.54 | 41.97 | 42.39 |
| Woodie | 34.11 | 35.46 | 38.78 | 40.13 | 43.45 | 44.80 | 48.12 |
| Fibonacci | 35.14 | 36.92 | 38.02 | 39.81 | 41.59 | 42.69 | 44.48 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 36.10 | 37.84 | 40.30 | 42.04 | 44.50 | 46.24 | 48.70 |
| Camarilla | 41.61 | 41.99 | 42.38 | 42.76 | 43.15 | 43.53 | 43.92 |
| Woodie | 36.46 | 38.02 | 40.66 | 42.22 | 44.86 | 46.42 | 49.06 |
| Fibonacci | 37.84 | 39.44 | 40.44 | 42.04 | 43.64 | 44.64 | 46.24 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 48.24 | |
| MACD (12,26,9): | -0.2000 | |
| Directional Movement: | -11.24 | |
| AROON (14): | 42.86 | |
| DEMA (21): | 39.55 | |
| Parabolic SAR (0,02-0,02-0,2): | 39.04 | |
| Elder Ray (13): | 0.06 | |
| Super Trend (3,10): | 40.36 | |
| Zig ZAG (10): | 39.89 | |
| VORTEX (21): | 0.9000 | |
| Stochastique (14,3,5): | 63.33 | |
| TEMA (21): | 39.54 | |
| Williams %R (14): | -18.18 | |
| Chande Momentum Oscillator (20): | 0.07 | |
| Repulse (5,40,3): | 0.5400 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0900 | |
| Courbe Coppock: | 0.13 |
| MA7: | 40.21 | |
| MA20: | 39.83 | |
| MA50: | 41.07 | |
| MA100: | 38.74 | |
| MAexp7: | 39.68 | |
| MAexp20: | 39.85 | |
| MAexp50: | 40.12 | |
| MAexp100: | 39.92 | |
| Price / MA7: | -1.07% | |
| Price / MA20: | -0.13% | |
| Price / MA50: | -3.14% | |
| Price / MA100: | +2.68% | |
| Price / MAexp7: | +0.25% | |
| Price / MAexp20: | -0.18% | |
| Price / MAexp50: | -0.85% | |
| Price / MAexp100: | -0.35% |
Quotes :
2020-09-22 08:22:16
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15 min delayed data
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NYMEX Futures
News
The latest news and videos published on WTI CRUDE OIL at the time of the analysis were as follows:
-
WTI Crude Oil Forecast September 22, 2020
-
WTI Crude Oil Forecast September 21, 2020
-
WTI Crude Oil Forecast September 18, 2020
-
WTI Crude Oil Forecast September 17, 2020
-
WTI Crude Oil Forecast September 16, 2020
This member declared not having a position on this financial instrument or a related financial instrument.
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