WTI CRUDE OIL - 1H - Technical analysis published on 04/15/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
28%
50%
22%
My opinion
Bearish under 85.41 USD
My targets
84.16 USD (-0.72%)
79.69 USD (-5.99%)
My analysis
The bearish trend is currently very strong for WTI CRUDE OIL. As long as the price remains below the resistance at 85.41 USD, you could try to take advantage of the bearish rally. The first bearish objective is located at 84.16 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 79.69 USD as an objective. Crossing it would then enable sellers to target 76.99 USD. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, technical indicators are neutral, but do not change the general bearish opinion of this analysis.
Force
0
10
6.8
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This analysis was given by Ralhosni. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 84.77 USD. On the day, this instrument lost -1.04% with the lowest point at 84.05 USD and the highest point at 86.11 USD. The deviation from the price is +0.86% for the low point and -1.56% for the high point.84.05
86.11
84.77
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
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of WTI CRUDE OIL indicates that the overall trend is strongly bearish. The signals given by moving averages are 92.86% bearish. This strong bearish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
An assessment of technical indicators does not currently provide any relevant information to suggest whether the signal given by the technical indicators is more bullish or bearish.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator: bullish divergence
Type : Bullish
Timeframe : 1 hour
MACD indicator: bullish divergence
Type : Bullish
Timeframe : 1 hour
RSI indicator: bullish divergence
Type : Bullish
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 76.99 | 79.69 | 84.16 | 84.77 | 84.84 | 85.41 | 86.20 |
| Change (%) | -9.18% | -5.99% | -0.72% | - | +0.08% | +0.75% | +1.69% |
| Change | -7.78 | -5.08 | -0.61 | - | +0.07 | +0.64 | +1.43 |
| Level | Major | Minor | Intermediate | - | Major | Minor | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 82.28 | 83.76 | 84.71 | 86.19 | 87.14 | 88.62 | 89.57 |
| Camarilla | 84.99 | 85.22 | 85.44 | 85.66 | 85.88 | 86.11 | 86.33 |
| Woodie | 82.02 | 83.63 | 84.45 | 86.06 | 86.88 | 88.49 | 89.31 |
| Fibonacci | 83.76 | 84.69 | 85.26 | 86.19 | 87.12 | 87.69 | 88.62 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 81.13 | 82.84 | 84.25 | 85.96 | 87.37 | 89.08 | 90.49 |
| Camarilla | 84.80 | 85.09 | 85.37 | 85.66 | 85.95 | 86.23 | 86.52 |
| Woodie | 80.98 | 82.77 | 84.10 | 85.89 | 87.22 | 89.01 | 90.34 |
| Fibonacci | 82.84 | 84.03 | 84.77 | 85.96 | 87.15 | 87.89 | 89.08 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 70.17 | 73.19 | 78.45 | 81.47 | 86.73 | 89.75 | 95.01 |
| Camarilla | 81.43 | 82.19 | 82.95 | 83.71 | 84.47 | 85.23 | 85.99 |
| Woodie | 71.29 | 73.75 | 79.57 | 82.03 | 87.85 | 90.31 | 96.13 |
| Fibonacci | 73.19 | 76.35 | 78.31 | 81.47 | 84.63 | 86.59 | 89.75 |
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): | 41.94 | |
| MACD (12,26,9): | -0.2900 | |
| Directional Movement: | -11.20 | |
| AROON (14): | -85.71 | |
| DEMA (21): | 84.68 | |
| Parabolic SAR (0,02-0,02-0,2): | 85.33 | |
| Elder Ray (13): | -0.36 | |
| Super Trend (3,10): | 85.96 | |
| Zig ZAG (10): | 84.71 | |
| VORTEX (21): | 0.8900 | |
| Stochastique (14,3,5): | 40.24 | |
| TEMA (21): | 84.51 | |
| Williams %R (14): | -58.16 | |
| Chande Momentum Oscillator (20): | -0.71 | |
| Repulse (5,40,3): | 0.1500 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0500 | |
| Courbe Coppock: | 1.59 |
| MA7: | 85.74 | |
| MA20: | 83.85 | |
| MA50: | 79.67 | |
| MA100: | 75.72 | |
| MAexp7: | 84.75 | |
| MAexp20: | 85.05 | |
| MAexp50: | 85.41 | |
| MAexp100: | 85.58 | |
| Price / MA7: | -1.13% | |
| Price / MA20: | +1.10% | |
| Price / MA50: | +6.40% | |
| Price / MA100: | +11.95% | |
| Price / MAexp7: | +0.02% | |
| Price / MAexp20: | -0.33% | |
| Price / MAexp50: | -0.75% | |
| Price / MAexp100: | -0.95% |
Quotes :
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10 min delayed data
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NYMEX Futures
News
Don't forget to follow the news on WTI CRUDE OIL. At the time of publication of this analysis, the latest news was as follows:
-
Technical Analysis: 04/04/2024 - WTI futures surge to a 5-month high
-
Technical Analysis: 28/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
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Technical Analysis: 21/03/2024 - WTI crude oil futures slip from 4-month peak
-
Technical Analysis: 14/03/2024 - WTI oil futures fight with 80.80 bar
-
Technical Analysis: 08/03/2024 - WTI oil futures in fierce battle with 50.0% Fibo
This member declared not having a position on this financial instrument or a related financial instrument.
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