WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
Open: -
Change: -
Volume: -
Low: -
High: -
High / Low range: -
Type: Commodities
Ticker: WBS
ISIN:

WTI CRUDE OIL - Daily - Technical analysis published on 05/18/2023 (GMT)

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  • Timeframe : Daily
  • - Analysis generated on
  • Status : TARGET REACHED

Summary of the analysis

Trends
Short term: Strongly bearish
Underlying: Strongly bearish
Technical indicators
61%
6%
33%
My opinion
Bearish under 73.47 USD
My targets
68.07 USD (-6.22%)
66.99 USD (-7.71%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on WTI CRUDE OIL as long as the price remains well below 73.47 USD. The sellers' bearish objective is set at 68.07 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 66.99 USD. In case of crossing, the next objective would be the support located at 58.07 USD. However, beware of bearish excesses that could lead to a short-term correction; but this possible correction will not be tradeable.

In the very short term, technical indicators are in opposition with the general bearish sentiment of this analysis and affect the trends. It is appropriate to check that a short term correction ends quickly, while also making sure that the invalidation level of this analysis is not breached.
Force
0
10
4.3

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 Menon. Take part yourself by sharing additional analysis on another time unit:
15 min. 1H Weekly

Additional analysis

Quotes

The WTI CRUDE OIL rating is 72.59 USD. The price registered a decrease of -0.33% on the session and was between 72.49 USD and 72.83 USD. This implies that the price is at +0.14% from its lowest and at -0.33% from its highest.

72.49
72.83
72.59

The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.

Central Gaps

Bearish opening

Type : Bearish

Timeframe : Openning



A study of price movements over other periods shows the following variations:

Technical


Technical analysis of WTI CRUDE OIL in Daily shows a overall strongly bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.

An assessment of technical indicators shows a moderate bullish signal.
Central Indicators, the scanner specialised in technical indicators, has identified these signals:

Central Indicators

MACD crosses UP its Moving Average

Type : Bullish

Timeframe : Daily


Price is back over the pivot point

Type : Bullish

Timeframe : Weekly


Momentum indicator is back over 0

Type : Bullish

Timeframe : Daily



Central Patterns, the scanner specializing in chart patterns, did not identify any signals.

Central Candlesticks, the scanner specialised in Japanese candlesticks, detects these bearish signals that could support the hypothesis of a small drop in the very short term:

Central Candlesticks

Bearish harami

Type : Bearish

Timeframe : Daily


Bearish harami cross

Type : Bearish

Timeframe : Daily




ProTrendLines
S3
S2
S1
R1
R2
R3
Price


S3S2S1PriceR1R2R3
ProTrendLines 39.28 58.07 66.99 72.59 73.47 77.02 83.01
Change (%) -45.89% -20.00% -7.71% - +1.21% +6.10% +14.35%
Change -33.31 -14.52 -5.60 - +0.88 +4.43 +10.42
Level Major Major Intermediate - Major Minor Intermediate



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
Standard67.6168.8270.8372.0474.0575.2677.27
Camarilla71.9572.2472.5472.8373.1373.4273.72
Woodie68.0069.0271.2272.2474.4475.4677.66
Fibonacci68.8270.0570.8172.0473.2774.0375.26


Weekly
Pivot points S3 S2 S1 PP R1 R2 R3
Standard64.7267.3368.6871.2972.6475.2576.60
Camarilla68.9569.3169.6870.0470.4070.7771.13
Woodie64.1067.0268.0670.9872.0274.9475.98
Fibonacci67.3368.8469.7771.2972.8073.7375.25


Monthly
Pivot points S3 S2 S1 PP R1 R2 R3
Standard62.2268.0771.8777.7281.5287.3791.17
Camarilla73.0173.8974.7875.6676.5577.4378.31
Woodie61.1967.5670.8477.2180.4986.8690.14
Fibonacci68.0771.7674.0477.7281.4183.6987.37

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): 46.58
MACD (12,26,9): -1.3600
Directional Movement: -9.30
AROON (14): -28.57
DEMA (21): 71.41
Parabolic SAR (0,02-0,02-0,2): 67.23
Elder Ray (13): 0.25
Super Trend (3,10): 75.97
Zig ZAG (10): 72.55
VORTEX (21): 0.8900
Stochastique (14,3,5): 63.90
TEMA (21): 70.59
Williams %R (14): -31.88
Chande Momentum Oscillator (20): 0.86
Repulse (5,40,3): 1.6600
ROCnROLL: -1
TRIX (15,9): -0.2700
Courbe Coppock: 9.30
MA7: 71.54
MA20: 73.15
MA50: 74.67
MA100: 76.48
MAexp7: 71.93
MAexp20: 73.15
MAexp50: 74.87
MAexp100: 77.01
Price / MA7: +1.47%
Price / MA20: -0.77%
Price / MA50: -2.79%
Price / MA100: -5.09%
Price / MAexp7: +0.92%
Price / MAexp20: -0.77%
Price / MAexp50: -3.05%
Price / MAexp100: -5.74%

Quotes : - 10 min delayed data - NYMEX Futures

This member declared not having a position on this financial instrument or a related financial instrument.

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