WTI CRUDE OIL - Daily - Technical analysis published on 03/05/2021 (GMT)
- 320
- 0
I am delighted to see that my first price objective has been achieved. I hope you've taken advantage of it.
Click here for a new analysis!
Click here for a new analysis!
- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
72%
6%
22%
My opinion
Bullish above 63.20 USD
My targets
65.15 USD (+1.62%)
69.66 USD (+8.66%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on WTI CRUDE OIL as long as the price remains well above 63.20 USD. The buyers” bullish objective is set at 65.15 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 69.66 USD. If there is any crossing, the next objective would be the resistance located at 76.38 USD. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8.2
Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.
This analysis was given by Simon1. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 64.11 USD. The price registered an increase of +0.44% on the session and was between 63.96 USD and 64.45 USD. This implies that the price is at +0.23% from its lowest and at -0.53% from its highest.63.96
64.45
64.11
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by WTI CRUDE OIL:
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 Daily chart of WTI CRUDE OIL indicates that the overall trend is strongly bullish. 92.86% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
The probability of a further increase is high given the direction of the technical indicators.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
Parabolic SAR indicator bullish reversal
Type : Bullish
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 53.54 | 59.24 | 63.20 | 64.11 | 76.38 | 110.38 | 145.29 |
Change (%) | -16.49% | -7.60% | -1.42% | - | +19.14% | +72.17% | +126.63% |
Change | -10.57 | -4.87 | -0.91 | - | +12.27 | +46.27 | +81.18 |
Level | Intermediate | Intermediate | Major | - | Major | Intermediate | Intermediate |
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 | 57.07 | 58.80 | 61.41 | 63.14 | 65.75 | 67.48 | 70.09 |
Camarilla | 62.84 | 63.23 | 63.63 | 64.03 | 64.43 | 64.83 | 65.22 |
Woodie | 57.52 | 59.02 | 61.86 | 63.36 | 66.20 | 67.70 | 70.54 |
Fibonacci | 58.80 | 60.46 | 61.48 | 63.14 | 64.80 | 65.82 | 67.48 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 53.95 | 56.39 | 58.94 | 61.38 | 63.93 | 66.37 | 68.92 |
Camarilla | 60.13 | 60.59 | 61.04 | 61.50 | 61.96 | 62.42 | 62.87 |
Woodie | 54.02 | 56.42 | 59.01 | 61.41 | 64.00 | 66.40 | 68.99 |
Fibonacci | 56.39 | 58.29 | 59.47 | 61.38 | 63.28 | 64.46 | 66.37 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 44.43 | 48.94 | 54.79 | 59.30 | 65.15 | 69.66 | 75.51 |
Camarilla | 57.79 | 58.74 | 59.69 | 60.64 | 61.59 | 62.54 | 63.49 |
Woodie | 45.10 | 49.28 | 55.46 | 59.64 | 65.82 | 70.00 | 76.18 |
Fibonacci | 48.94 | 52.90 | 55.34 | 59.30 | 63.26 | 65.70 | 69.66 |
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): | 69.06 | |
MACD (12,26,9): | 2.1900 | |
Directional Movement: | 18.14 | |
AROON (14): | 64.29 | |
DEMA (21): | 63.42 | |
Parabolic SAR (0,02-0,02-0,2): | 59.24 | |
Elder Ray (13): | 2.69 | |
Super Trend (3,10): | 57.92 | |
Zig ZAG (10): | 64.24 | |
VORTEX (21): | 1.1900 | |
Stochastique (14,3,5): | 79.06 | |
TEMA (21): | 63.50 | |
Williams %R (14): | -10.69 | |
Chande Momentum Oscillator (20): | 3.04 | |
Repulse (5,40,3): | 4.1100 | |
ROCnROLL: | 1 | |
TRIX (15,9): | 0.5800 | |
Courbe Coppock: | 10.91 |
MA7: | 62.14 | |
MA20: | 60.77 | |
MA50: | 55.51 | |
MA100: | 49.15 | |
MAexp7: | 62.41 | |
MAexp20: | 60.43 | |
MAexp50: | 56.15 | |
MAexp100: | 51.32 | |
Price / MA7: | +3.17% | |
Price / MA20: | +5.50% | |
Price / MA50: | +15.49% | |
Price / MA100: | +30.44% | |
Price / MAexp7: | +2.72% | |
Price / MAexp20: | +6.09% | |
Price / MAexp50: | +14.18% | |
Price / MAexp100: | +24.92% |
Quotes :
2021-03-05 00:04:52
-
10 min delayed data
-
NYMEX Futures
News
The last news published on WTI CRUDE OIL at the time of the generation of this analysis was as follows:
- W&T Offshore, Inc. - WTI Stock Chart Technical Analysis for 03-04-2021
- WTI Crude Oil and USD/CAD Forecast March 5, 2021
- WTI Crude Oil and USD/CAD Forecast March 4, 2021
- WTI Crude Oil Forecast March 3, 2021
- WTI Crude Oil and USD/CAD Forecast March 2, 2021
This member declared not having a position on this financial instrument or a related financial instrument.
About author
I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
Add a comment
Comments
0 comments on the analysis WTI CRUDE OIL - Daily