WTI CRUDE OIL - 1H - Technical analysis published on 07/16/2021 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
67%
0%
33%
My opinion
Bearish under 72.93 USD
My targets
71.50 USD (-0.96%)
70.76 USD (-1.98%)
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 72.93 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 71.50 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 70.76 USD as an objective. Crossing it would then enable sellers to target 63.20 USD. If the resistance 72.93 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.
Technical indicators are opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
1.1
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This analysis was given by emc3. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
WTI CRUDE OIL rating 72.19 USD. On the day, this instrument gained +0.75% and was between 71.13 USD and 72.28 USD. This implies that the price is at +1.49% from its lowest and at -0.12% from its highest.71.13
72.28
72.19
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
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 1H of this WTI CRUDE OIL chart shows a bearish trend. 75.00% 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. An assessment of moving averages reveals several bullish signals that could impact this trend:
Bullish trend reversal : adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with Moving Average 20
Type : Bullish
Timeframe : 1 hour
In fact, according to the parameters integrated into the Central Analyzer system, 12 technical indicators out of 18 analysed are currently bullish. But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
RSI indicator is back over 50
Type : Bullish
Timeframe : 1 hour
Parabolic SAR indicator bullish reversal
Type : Bullish
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : 1 hour
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
Williams %R indicator is back over -50
Type : Bullish
Timeframe : 1 hour
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 | 70.76 | 71.50 | 72.13 | 72.19 | 72.93 | 74.90 | 76.38 |
| Change (%) | -1.98% | -0.96% | -0.08% | - | +1.03% | +3.75% | +5.80% |
| Change | -1.43 | -0.69 | -0.06 | - | +0.74 | +2.71 | +4.19 |
| Level | Intermediate | Minor | Minor | - | Intermediate | Intermediate | Major |
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 | 69.49 | 70.44 | 71.05 | 72.00 | 72.61 | 73.56 | 74.17 |
| Camarilla | 71.22 | 71.36 | 71.51 | 71.65 | 71.79 | 71.94 | 72.08 |
| Woodie | 69.31 | 70.36 | 70.87 | 71.92 | 72.43 | 73.48 | 73.99 |
| Fibonacci | 70.44 | 71.04 | 71.41 | 72.00 | 72.60 | 72.97 | 73.56 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 65.05 | 67.90 | 71.27 | 74.12 | 77.49 | 80.34 | 83.71 |
| Camarilla | 72.92 | 73.49 | 74.06 | 74.63 | 75.20 | 75.77 | 76.34 |
| Woodie | 65.30 | 68.03 | 71.52 | 74.25 | 77.74 | 80.47 | 83.96 |
| Fibonacci | 67.90 | 70.28 | 71.75 | 74.12 | 76.50 | 77.97 | 80.34 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 61.49 | 64.64 | 69.93 | 73.08 | 78.37 | 81.52 | 86.81 |
| Camarilla | 72.91 | 73.68 | 74.46 | 75.23 | 76.00 | 76.78 | 77.55 |
| Woodie | 62.57 | 65.18 | 71.01 | 73.62 | 79.45 | 82.06 | 87.89 |
| Fibonacci | 64.64 | 67.86 | 69.85 | 73.08 | 76.30 | 78.29 | 81.52 |
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): | 53.11 | |
| MACD (12,26,9): | -0.2200 | |
| Directional Movement: | -4.29 | |
| AROON (14): | 21.43 | |
| DEMA (21): | 71.52 | |
| Parabolic SAR (0,02-0,02-0,2): | 71.15 | |
| Elder Ray (13): | 0.33 | |
| Super Trend (3,10): | 72.31 | |
| Zig ZAG (10): | 72.24 | |
| VORTEX (21): | 1.0600 | |
| Stochastique (14,3,5): | 74.12 | |
| TEMA (21): | 71.70 | |
| Williams %R (14): | -6.96 | |
| Chande Momentum Oscillator (20): | 0.71 | |
| Repulse (5,40,3): | 1.0200 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0700 | |
| Courbe Coppock: | 0.69 |
| MA7: | 73.45 | |
| MA20: | 73.63 | |
| MA50: | 70.01 | |
| MA100: | 66.18 | |
| MAexp7: | 71.81 | |
| MAexp20: | 71.88 | |
| MAexp50: | 72.51 | |
| MAexp100: | 73.07 | |
| Price / MA7: | -1.72% | |
| Price / MA20: | -1.96% | |
| Price / MA50: | +3.11% | |
| Price / MA100: | +9.08% | |
| Price / MAexp7: | +0.53% | |
| Price / MAexp20: | +0.43% | |
| Price / MAexp50: | -0.44% | |
| Price / MAexp100: | -1.20% |
Quotes :
-
10 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 July 16, 2021
-
WTI Crude Oil Forecast July 15, 2021
-
WTI Crude Oil and USD/CAD Forecast July 14, 2021
-
WTI Crude Oil Forecast July 13, 2021
-
WTI Crude Oil Forecast July 12, 2021
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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