WTI CRUDE OIL - Daily - Technical analysis published on 04/15/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
50%
17%
33%
My opinion
Bullish above 81.47 USD
My targets
86.99 USD (+2.83%)
90.79 USD (+7.32%)
My analysis
The bullish trend is currently very strong on WTI CRUDE OIL. As long as the price remains above the support at 81.47 USD, you could try to benefit from the boom. The first bullish objective is located at 86.99 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 90.79 USD as an objective. Crossing it would then enable buyers to target 119.11 USD. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. 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.
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 Ralhosni. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WTI CRUDE OIL price is 84.60 USD. The price is lower by -1.24% since the last closing with the lowest point at 84.05 USD and the highest point at 86.11 USD. The deviation from the price is +0.65% for the low point and -1.75% for the high point.84.05
86.11
84.60
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
A technical analysis in Daily of this WTI CRUDE OIL chart shows a strongly bullish trend. The signals given by the moving averages are 92.86% bullish. This strong bullish 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.
In fact, according to the parameters integrated into the Central Analyzer system, only 9 technical indicators out of 18 analysed are currently bullish. Central Indicators, the detector scanner for these technical indicators recently detected a signal:
Parabolic SAR indicator bearish reversal
Type : Bearish
Timeframe : Daily
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The presence of a bearish pattern in Japanese candlesticks detected by Central Candlesticks that could cause a correction in the very short term was also detected:
Bearish engulfing lines
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 76.99 | 79.69 | 84.16 | 84.60 | 86.99 | 90.79 | 119.11 |
| Change (%) | -9.00% | -5.80% | -0.52% | - | +2.83% | +7.32% | +40.79% |
| Change | -7.61 | -4.91 | -0.44 | - | +2.39 | +6.19 | +34.51 |
| Level | Major | Minor | Intermediate | - | Intermediate | Major | Major |
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 | 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): | 57.95 | |
| MACD (12,26,9): | 1.8300 | |
| Directional Movement: | 9.92 | |
| AROON (14): | 78.57 | |
| DEMA (21): | 86.29 | |
| Parabolic SAR (0,02-0,02-0,2): | 87.67 | |
| Elder Ray (13): | 0.38 | |
| Super Trend (3,10): | 81.83 | |
| Zig ZAG (10): | 84.69 | |
| VORTEX (21): | 1.1200 | |
| Stochastique (14,3,5): | 64.62 | |
| TEMA (21): | 86.49 | |
| Williams %R (14): | -41.15 | |
| Chande Momentum Oscillator (20): | 3.38 | |
| Repulse (5,40,3): | -2.9400 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.3600 | |
| Courbe Coppock: | 10.07 |
| MA7: | 85.74 | |
| MA20: | 83.84 | |
| MA50: | 79.67 | |
| MA100: | 75.72 | |
| MAexp7: | 85.29 | |
| MAexp20: | 83.77 | |
| MAexp50: | 80.60 | |
| MAexp100: | 78.34 | |
| Price / MA7: | -1.33% | |
| Price / MA20: | +0.91% | |
| Price / MA50: | +6.19% | |
| Price / MA100: | +11.73% | |
| Price / MAexp7: | -0.81% | |
| Price / MAexp20: | +0.99% | |
| Price / MAexp50: | +4.96% | |
| Price / MAexp100: | +7.99% |
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:
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Technical Analysis: 04/04/2024 - WTI futures surge to a 5-month high
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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
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Technical Analysis: 14/03/2024 - WTI oil futures fight with 80.80 bar
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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.
About author
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