WTI CRUDE OIL - 1H - Technical analysis published on 05/20/2022 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Bullish
Technical indicators
78%
0%
22%
My opinion
Bullish above 108.38 USD
My targets
112.00 USD (+1.62%)
116.52 USD (+5.73%)
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 108.38 USD. The buyers' bullish objective is set at 112.00 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 116.52 USD. If there is any crossing, the next objective would be the resistance located at 119.11 USD.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
7.1
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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 110.21 USD. On the day, this instrument gained +0.29% and was between 108.13 USD and 110.39 USD. This implies that the price is at +1.92% from its lowest and at -0.16% from its highest.108.13
110.39
110.21
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 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. 78.57% of the signals given by moving averages are bullish. This bullish trend is supported by the strong bullish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are strongly bullish, suggesting that the price increase should continue.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
The analysis of the price chart with Central Patterns scanners does not return any result.
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 | 103.99 | 106.06 | 108.38 | 110.21 | 112.00 | 119.11 | 128.16 |
| Change (%) | -5.64% | -3.77% | -1.66% | - | +1.62% | +8.08% | +16.29% |
| Change | -6.22 | -4.15 | -1.83 | - | +1.79 | +8.90 | +17.95 |
| Level | Intermediate | Intermediate | Intermediate | - | Intermediate | Major | Minor |
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 | 98.45 | 100.84 | 105.37 | 107.76 | 112.29 | 114.68 | 119.21 |
| Camarilla | 107.99 | 108.62 | 109.26 | 109.89 | 110.52 | 111.16 | 111.79 |
| Woodie | 99.51 | 101.38 | 106.43 | 108.30 | 113.35 | 115.22 | 120.27 |
| Fibonacci | 100.84 | 103.49 | 105.12 | 107.76 | 110.41 | 112.04 | 114.68 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 87.45 | 91.64 | 99.89 | 104.08 | 112.33 | 116.52 | 124.77 |
| Camarilla | 104.71 | 105.85 | 106.99 | 108.13 | 109.27 | 110.41 | 111.55 |
| Woodie | 89.47 | 92.66 | 101.91 | 105.10 | 114.35 | 117.54 | 126.79 |
| Fibonacci | 91.64 | 96.40 | 99.33 | 104.08 | 108.84 | 111.77 | 116.52 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 75.74 | 82.87 | 92.60 | 99.73 | 109.46 | 116.59 | 126.32 |
| Camarilla | 97.69 | 99.24 | 100.79 | 102.33 | 103.88 | 105.42 | 106.97 |
| Woodie | 77.04 | 83.52 | 93.90 | 100.38 | 110.76 | 117.24 | 127.62 |
| Fibonacci | 82.87 | 89.31 | 93.29 | 99.73 | 106.17 | 110.15 | 116.59 |
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): | 60.96 | |
| MACD (12,26,9): | 0.5100 | |
| Directional Movement: | 9.37 | |
| AROON (14): | 64.29 | |
| DEMA (21): | 109.62 | |
| Parabolic SAR (0,02-0,02-0,2): | 109.04 | |
| Elder Ray (13): | 0.79 | |
| Super Trend (3,10): | 107.65 | |
| Zig ZAG (10): | 110.25 | |
| VORTEX (21): | 1.3700 | |
| Stochastique (14,3,5): | 86.53 | |
| TEMA (21): | 110.22 | |
| Williams %R (14): | -2.21 | |
| Chande Momentum Oscillator (20): | 1.17 | |
| Repulse (5,40,3): | 0.8900 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0600 | |
| Courbe Coppock: | 1.65 |
| MA7: | 108.74 | |
| MA20: | 104.23 | |
| MA50: | 101.97 | |
| MA100: | 93.60 | |
| MAexp7: | 109.70 | |
| MAexp20: | 109.02 | |
| MAexp50: | 108.75 | |
| MAexp100: | 108.46 | |
| Price / MA7: | +1.35% | |
| Price / MA20: | +5.74% | |
| Price / MA50: | +8.08% | |
| Price / MA100: | +17.75% | |
| Price / MAexp7: | +0.47% | |
| Price / MAexp20: | +1.10% | |
| Price / MAexp50: | +1.35% | |
| Price / MAexp100: | +1.62% |
Quotes :
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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 and USD/CAD Forecast May 20, 2022
-
Technical Analysis: 19/05/2022 - WTI futures retreat to mid-Bollinger band, tad below 105 mark
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WTI Crude Oil and USD/CAD Forecast May 19, 2022
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WTI Crude Oil Forecast May 18, 2022
-
WTI Crude Oil and USD/CAD Forecast May 17, 2022
This member declared not having a position on this financial instrument or a related financial instrument.
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