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 30.85 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, 37.15 and minimum to Major Support (30.85) 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 60.

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Comments

agree for deep drop correction bro
+1 Reply
ForecastCity FM-Alkatheeri
@FM-Alkatheeri, We appreciate your comment.🙏
Reply
great
+1 Reply
ForecastCity Forecast_Crypto
@Forecast_Crypto, Thank you! We appreciate your comment.🙏
Reply
amazing
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, ❤️We appreciate your comment.🙏
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Thanks for the update dude!
+1 Reply
ForecastCity yusufipek1989
@yusufipek1989, It's our pleasure!
Reply
Comprehensive analysis.
+1 Reply
ForecastCity Mesutkashmar
@Mesutkashmar, We appreciate your comment.🙏
Reply
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