WTI CRUDE OIL - 1H - Technical analysis published on 04/17/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
11%
61%
28%
My opinion
Bearish under 84.16 USD
My targets
81.13 USD (-1.98%)
79.69 USD (-3.72%)
My analysis
WTI CRUDE OIL is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 84.16 USD. The next support located at 81.13 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 79.69 USD. Below this support, sellers could then target 76.99 USD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.
Force
0
10
7.7
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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 rating is 82.77 USD. On the day, this instrument gained +0.10% and was between 82.75 USD and 82.89 USD. This implies that the price is at +0.02% from its lowest and at -0.14% from its highest.82.75
82.89
82.77
The Central Gaps scanner detects a bearish opening. A small advantage for sellers 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 LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 1H of this WTI CRUDE OIL chart shows a sharp 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 scanner does not detect any result on moving averages that would impact this trend.
Technical indicators are bearish. There is still some doubt about the decline in the price.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is oversold : under 30
Type : Neutral
Timeframe : 1 hour
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
Pivot points : price is under support 3
Type : Neutral
Timeframe : Weekly
The analysis of the price chart with Central Patterns scanners does not return any result.
The Central Candlesticks scanner currently notes the presence of this pattern in Japanese candlesticks that could mark the end of the short-term trend currently underway:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 69.66 | 76.99 | 79.69 | 82.77 | 84.16 | 84.75 | 85.10 |
| Change (%) | -15.84% | -6.98% | -3.72% | - | +1.68% | +2.39% | +2.82% |
| Change | -13.11 | -5.78 | -3.08 | - | +1.39 | +1.98 | +2.33 |
| Level | Major | Major | Minor | - | Major | Intermediate | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 78.81 | 80.68 | 81.77 | 83.64 | 84.73 | 86.60 | 87.69 |
| Camarilla | 82.05 | 82.32 | 82.59 | 82.86 | 83.13 | 83.40 | 83.67 |
| Woodie | 78.42 | 80.49 | 81.38 | 83.45 | 84.34 | 86.41 | 87.30 |
| Fibonacci | 80.68 | 81.81 | 82.51 | 83.64 | 84.77 | 85.47 | 86.60 |
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 the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 27.43 | |
| MACD (12,26,9): | -0.6400 | |
| Directional Movement: | -24.69 | |
| AROON (14): | -50.00 | |
| DEMA (21): | 83.13 | |
| Parabolic SAR (0,02-0,02-0,2): | 83.67 | |
| Elder Ray (13): | -0.70 | |
| Super Trend (3,10): | 84.21 | |
| Zig ZAG (10): | 82.79 | |
| VORTEX (21): | 0.7500 | |
| Stochastique (14,3,5): | 9.26 | |
| TEMA (21): | 82.72 | |
| Williams %R (14): | -91.11 | |
| Chande Momentum Oscillator (20): | -1.70 | |
| Repulse (5,40,3): | -0.3100 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0800 | |
| Courbe Coppock: | 4.31 |
| MA7: | 84.75 | |
| MA20: | 84.13 | |
| MA50: | 80.40 | |
| MA100: | 76.01 | |
| MAexp7: | 83.08 | |
| MAexp20: | 83.89 | |
| MAexp50: | 84.60 | |
| MAexp100: | 85.04 | |
| Price / MA7: | -2.34% | |
| Price / MA20: | -1.62% | |
| Price / MA50: | +2.95% | |
| Price / MA100: | +8.89% | |
| Price / MAexp7: | -0.37% | |
| Price / MAexp20: | -1.34% | |
| Price / MAexp50: | -2.16% | |
| Price / MAexp100: | -2.67% |
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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