WTI CRUDE OIL - 1H - Technical analysis published on 05/19/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
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Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bullish
Technical indicators
56%
0%
44%
My opinion
Bullish above 71.79 USD
My targets
72.87 USD (+1.07%)
73.47 USD (+1.90%)
My analysis
Has the basic bullish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bullish movement or a correction. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the support located at 71.79 USD remains possible. It is advisable to trade WTI CRUDE OIL with the greatest caution, while favouring long positions (at the time of purchase) as long as the price remains well above 71.79 USD. The next bullish objective for buyers is set at 72.87 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 73.47 USD. If there is any crossing, the next objective would be the resistance located at 73.89 USD. PS: if there is a bearish break in the support located at 71.79 USD we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bearish in the short term and the bullish basic trend would certainly be mitigated.
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
5.5
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This analysis was given by Menon. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 72.10 USD. The price registered an increase of +0.33% on the session and was between 71.72 USD and 72.66 USD. This implies that the price is at +0.53% from its lowest and at -0.77% from its highest.71.72
72.66
72.10
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
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Technical
A technical analysis in 1H of this WTI CRUDE OIL chart shows a bullish trend. 75.00% of the signals given by moving averages are bullish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
In fact, 10 technical indicators on 18 studied are currently bullish. Central Indicators, the detector scanner for these technical indicators recently detected a signal:
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
The analysis of the price chart with Central Patterns scanners does not return any result.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects this inversion signal that could impact the current short-term trend:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 70.04 | 70.63 | 71.79 | 72.10 | 72.87 | 73.47 | 73.89 |
| Change (%) | -2.86% | -2.04% | -0.43% | - | +1.07% | +1.90% | +2.48% |
| Change | -2.06 | -1.47 | -0.31 | - | +0.77 | +1.37 | +1.79 |
| Level | Minor | Minor | Major | - | Intermediate | Major | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 69.78 | 70.60 | 71.23 | 72.05 | 72.68 | 73.50 | 74.13 |
| Camarilla | 71.46 | 71.59 | 71.73 | 71.86 | 71.99 | 72.13 | 72.26 |
| Woodie | 69.69 | 70.55 | 71.14 | 72.00 | 72.59 | 73.45 | 74.04 |
| Fibonacci | 70.60 | 71.15 | 71.50 | 72.05 | 72.60 | 72.95 | 73.50 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 64.72 | 67.33 | 68.68 | 71.29 | 72.64 | 75.25 | 76.60 |
| Camarilla | 68.95 | 69.31 | 69.68 | 70.04 | 70.40 | 70.77 | 71.13 |
| Woodie | 64.10 | 67.02 | 68.06 | 70.98 | 72.02 | 74.94 | 75.98 |
| Fibonacci | 67.33 | 68.84 | 69.77 | 71.29 | 72.80 | 73.73 | 75.25 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.22 | 68.07 | 71.87 | 77.72 | 81.52 | 87.37 | 91.17 |
| Camarilla | 73.01 | 73.89 | 74.78 | 75.66 | 76.55 | 77.43 | 78.31 |
| Woodie | 61.19 | 67.56 | 70.84 | 77.21 | 80.49 | 86.86 | 90.14 |
| Fibonacci | 68.07 | 71.76 | 74.04 | 77.72 | 81.41 | 83.69 | 87.37 |
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): | 52.64 | |
| MACD (12,26,9): | 0.0800 | |
| Directional Movement: | 4.57 | |
| AROON (14): | 78.57 | |
| DEMA (21): | 72.31 | |
| Parabolic SAR (0,02-0,02-0,2): | 71.82 | |
| Elder Ray (13): | 0.12 | |
| Super Trend (3,10): | 72.82 | |
| Zig ZAG (10): | 72.31 | |
| VORTEX (21): | 1.0000 | |
| Stochastique (14,3,5): | 83.87 | |
| TEMA (21): | 72.29 | |
| Williams %R (14): | -28.23 | |
| Chande Momentum Oscillator (20): | 0.33 | |
| Repulse (5,40,3): | 0.0800 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0000 | |
| Courbe Coppock: | 1.18 |
| MA7: | 71.42 | |
| MA20: | 72.84 | |
| MA50: | 74.59 | |
| MA100: | 76.40 | |
| MAexp7: | 72.35 | |
| MAexp20: | 72.21 | |
| MAexp50: | 72.01 | |
| MAexp100: | 71.73 | |
| Price / MA7: | +0.95% | |
| Price / MA20: | -1.02% | |
| Price / MA50: | -3.34% | |
| Price / MA100: | -5.63% | |
| Price / MAexp7: | -0.35% | |
| Price / MAexp20: | -0.15% | |
| Price / MAexp50: | +0.12% | |
| Price / MAexp100: | +0.52% |
Quotes :
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10 min delayed data
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NYMEX Futures
News
The last news published on WTI CRUDE OIL at the time of the generation of this analysis was as follows:
-
Technical Analysis: 11/05/2023 - WTI oil futures set bullish tone
-
Technical Analysis: 04/05/2023 - WTI oil futures plummet to fresh 17-month low
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Technical Analysis: 27/04/2023 - WTI crude oil dips further from 200-day SMA
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Technical Analysis: 21/04/2023 - WTI oil futures on a slippery slope again
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Technical Analysis: 13/04/2023 - WTI oil futures challenge crucial zone as advance resumes
This member declared not having a position on this financial instrument or a related financial instrument.
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