ForecastCity

WTI . Important Technical Analysis Update

TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 30.85 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
. There is a divergence in RSI and price between the peak at 40 .565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the . probability of beginning of downtrend is increased.
. While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 38.85, 37.15, 34.60 and minimum to Major Support (30.85) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 58.

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Comments

Your analysis is very accurate.
+1 Reply
ForecastCity Forecast_Crypto
@Forecast_Crypto, Thank you! We appreciate your comment
Reply
Easy to understand
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thank you for your comment
Reply
Thanks
+1 Reply
ForecastCity Kristalyn
@Kristalyn, We're happy to help! 💙
Reply
Looks good
+1 Reply
ForecastCity Josef_anderson
@Josef_anderson, Thank you! We appreciate your comment.🙏
+1 Reply
Nice analysis
+1 Reply
@Kamryn, Thank you!
+1 Reply
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