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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