Technical Analysis of WTI
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Fundamental OPEC+ meeting last week was concluded with the following results: The cartel gradually increased the oil supply by 1mln bpd over the course of the three months ahead; Saudi Arabia is putting back to supply its 1mln bpd that it previously voluntarily cut. The decision was rather unexpecte...
05.04.2021
25
After reaching $63, WTI oil bounced downwards. Partly, that was due to the news that the US oil reserves turned to be more than expected - that's still the echo of the virus preparations that made many oil producers stockpile oil in case of an emergency deficit. However, as the demand is picking up,...
24.02.2021
25
Ichimoku Kinko Hyo NZD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook. Fibonacci Levels XAG/USD: Silver continuous to stand below the 38.2% retracement area. The bearish pressure is growing. EU Market Vi...
17.02.2021
51
Ichimoku Kinko Hyo EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook. Fibonacci Levels XAG/USD: Silver shows some significant moves higher. Now it is trading between the 23.6% and 38.2% retracement area....
09.02.2021
40
Short term The short-term view of the WTI oil price performance gives a perfect picture of an upward march. Crossing $50 per barrel in the first week of January, it went straight to $52, made a brief correction, and reached $54 just a while ago. Does it suggest further upside? Yes. But it also sugge...
13.01.2021
14
Looking at the hourly chart of the WTI oil price below, one may come to only one conclusion: the price of this asset is far from being stable. Well, for trading purposes, it’s rather good news. What are the prospects though? The prospects are pretty much the same as what the headlines say most of th...
18.11.2020
17
Technical We have seen WTI oil price drop to $35 right before the weekend breaking through local support levels. Today, it almost touched $34 bouncing back up to $34.5. On the daily chart, these levels correspond to June lows and the pre-final-fall zone of March. Which factors are affecting the oil...
02.11.2020
15
In May-June, WTI oil price was rising almost non-stop. In July, we have an obvious consolidation. The level of $41 per barrel so far serves as an iron wall for bullish intentions. What is the likely scenario ahead? OPEC+ is having a meeting this week. They are going to discuss the possibility of loo...
13.07.2020
18
Relevance up to 08:00 2020-07-11 UTC+2 Crude oil fell after a key Libyan oil field resumed production. It threatens to release barrels of oil into the market where demand is already low. Thus, due to this, oil futures in the US fell 3%.The Mesla and Sarir oil fields in eastern Libya resumed produc....
10.07.2020
113
Relevance up to 05:00 2020-07-11 UTC+2 AUD/USD The Australian dollar is losing interest in growth every day. The price spent the whole week in a sideways direction, it closed Thursday with a black candle of 16 points. This nature of the price significantly reduces the probability of forming a tr....
10.07.2020
19
On Wednesday, when the WTI oil price stopped at $40 we advised that it would go further down to the area of $37.5. Eventually, it happened exactly as foreseen – the price is currently at $37.5 although we did not expect it to go down as fast as it did. Now, it makes sense to a closer technical look ...
25.06.2020
20
Currently, we have the following layout. In the oil market, there is relative silence and neutral mood. Globally, investors are cautious about the second-wave virus hit. Together, these factors make the oil price hang in the channel between $35 and 40$ like in limbo. Therefore, it is unlikely that i...
24.06.2020
21
After spending the entire April in the depths below $20, WTI oil made a straight-line recovery in May. Eventually, it reached $40 on June 8 after which it went into a first serious downward retrace. Currently, it is at $40 again, and the question is how the situation will evolve. Fundamentally, the ...
19.06.2020
19
If the stock market observers are discussing whether it will be an L or U-shape recovery, the oil market definitely looks like a V. $33 marks now the local resistance level, which hasn’t seen the WTI price since the beginning of March, when the epic plunge started. Very likely, the price will go int...
19.05.2020
24
Focus of the week: currencies, oil & gold The market keeps fighting through uneasy times. Today, however, the picture seems to be sunnier than at the beginning of the week. Currency table is relatively balanced in favor of the US dollar, the oil and gold prices made a step up. Currencies Strate...
23.04.2020
26
Relevance up to 13:00 2020-04-23 UTC+2 EUR/USD – 1H. Hello, traders! On April 21, the euro/dollar pair fall to the lower line of the sideways trend corridor, from which it was rebounded with a reversal in favor of the European currency and the beginning of growth in the direction of the upper lin....
22.04.2020
17
Relevance up to 13:00 2020-04-22 UTC+2 Intense downward mood is present, which pushed the quote near the control levels. Fluctuation of quotes in the variable range of 1.2405 / 1.2520 lasted for about 60 hours, during which traders rallied on the breakdown of established boundaries, which turned ....
21.04.2020
21