ForecastCity

WTI, Important Technical Analysis Update

TVC:USOIL   CFDs on WTI Crude Oil
Midterm forecast:
While the price is below the resistance 42.90, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 42.90 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 41.61 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
A trough is formed in daily chart at 38.60 on 07/10/2020, so more gains maximum to Major Resistance (42.90) 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 59.

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Comments

Thanks again for your really good TA.🌹🙏🌹
+2 Reply
@fxniki, Thanks 💎🙏💎
Reply
thanks for your idea
+2 Reply
ForecastCity Kristalyn
@Kristalyn, You're welcome. 💎🙏💎
Reply
Your analysis is very accurate.
+2 Reply
ForecastCity Josef_anderson
@Josef_anderson, Sure it is. Thanks for your comment. 💎🙏💎
Reply
Although I don't trade usoil but the effort you guys put into your analysis that's awesome and indeed very helpful for new traders like myself.
Tariq Khan
+1 Reply
ForecastCity Tariq_Kh2n
@Tariq_Kh2n, We're glad you like it. 💎🙏💎
Reply
thank you for the update.
+1 Reply
ForecastCity Forecast_Crypto
@Forecast_Crypto, You're welcome. 💎🙏💎
Reply
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