ForecastCity

WTI . Weekly Technical Analysis Update

Short
TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 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 43.835 on 2020-08-26, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI support #1 at 52 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 43.75 on 08/26/2020, so more losses minimum to Major Support (37.10) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 32.

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Comments

Nice work!
+2 Reply
ForecastCity Mesutkashmar
@Mesutkashmar, Thank you.
+1 Reply
ForecastCity Mesutkashmar
@Mesutkashmar, We hope you enjoy it.
+1 Reply
Thanks for the update. Can't wait to see what's next.
+2 Reply
@Sir_Ray, You're welcome!
+1 Reply
@Sir_Ray, We appreciate your comment.
+1 Reply
I enjoyed your technical analysis. 💙
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, We appreciate your comment.
Reply
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