ForecastCity

WTI . Weekly Technical Analysis Update

TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 40 .20 on 11/13/2020, so more gains to resistance(s) 46.30, 48.70, 50.70 and more heights 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 66.

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Comments

Nice analysis, Thanks for sharing.
+2 Reply
ForecastCity yusufipek1989
@yusufipek1989, Thanks a lot for your comment.
+1 Reply
Do you think we will see highs up to $60-80 next quarter?
+1 Reply
It's an excellent chart and TA.
+1 Reply
ForecastCity Josef_anderson
@Josef_anderson, Thank you for your comment. We appreciate it 🙏
Reply
I definitely agree with your midterm forecast. Thank you, very useful analysis, much appreciated.
+1 Reply
@Kamryn, Thank you for your kind comment. We appreciate it
Reply
It's very helpful. Cheers 👍
+1 Reply
ForecastCity Kristalyn
@Kristalyn, Cheers 👍
Reply
Upvoted! 👌
+1 Reply
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