ForecastCity

WTI . Weekly 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 37.15 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) 42.30, 38.85 and minimum to Major Support (37.15) 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.

❤️ If you find this helpful and want more FREE forecasts in TradingView

. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!

❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?

Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.

Trade well, ❤️
ForecastCity English Support Team ❤️
HighAccurate forecast for
★36 Forex Pairs: 750,000 pips track record profit
★34 Cryptos
★Gold, Silver, Oils, Gas
★Best Profitable Trading Strategies

in 8 languages

since 2007

http://www.ForecastCity.com
★FREE Telegram http://t.me/forecastcity_com

Comments

Top advice and forecast. Thank you
Awaiting further feedback
+1 Reply
@Lidiako1, We appreciate your support.
Reply
Very helpful thank tou
+1 Reply
@Lidiako1, You're welcome.
Reply
so its currently 36.52....would you expect a climb from that anytime soon? thanks in advance
Reply
Spot on!
Reply
@knvn, Thanks for your comment.
Reply
Good forecast, hope to see more.
Reply
@Kamryn, Thanks for your support.
Reply
Lovely analysis, man! Looks very clean!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out