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US OIL (WTI/USD) – Week 17 – In the middle of a correction.Last week, WTI respected our analysis and dropped from the resistance level. Next week, we first expect the price to finish consolidating and then drop towards the liquidity pool area. Right now, we find ourselves in the middle of a bigger degree correction and the higher probability is that the price will drop, but we recommend caution. Keep an eye on Wednesday’s weekly EIA stocks report as it may have an impact on this asset. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
22
US OIL (WTI/USD) – Week 16 – Critical point.Last week, WTI respected our analysis and reached the $63 resistance level. Next week, we expect the price to lose some momentum and start another bearish move that could push the barrel price towards the liquidity pool area. Keep an eye on Wednesday’s weekly EIA stocks report as it may have an impact on this asset. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
20
Check the oil situation It has already touched the resistance and has not been able to break it, and it is likely that the price will fall and return to further support from breaking the resistance because there is a death cross in the stock RSI indicator. If we see another attempt to break the resistance and succeed, it is likely to climb to its nearest peak In general, the price is more likely to fall because it has not been able to overcome its resistance and a death cross has occurred in the stock RSI indicator.
FX:USOILShort
by javadrezvani
4
US OIL (WTI/USD) – Week 15 – In the middle of nowhere.Last week, WTI ranged the whole week and didn’t provide any proper signal for a buy or a sell, as the price is moving up and down around the support zone. Next week, we expect the price to reach the resistance area highlighted on the chart, before falling towards to liquidity pool located in the ‘50s. Keep an eye on Wednesday's weekly EIA stocks report as it may have an impact on this asset. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTILong
by financialflagship
18
WTI before decisionThe short-term downward trend, since the movement high of 8 March, continues to hold the black gold of the global economy in check. As can be seen impressively, US WTI oil has already been clearly rejected from this trend line several times and especially just yesterday at the start of the week. Monday's setback almost took it back to support at USD 57.40. Accordingly, the tension could not be greater. A defence of this level still allows a quick upward reaction to 62.00 USD. If there is further buying interest, a reaction to the level of 66.00 USD is possible, before the round 70.00 USD mark could be put on the agenda again. However, the dominance on the long side should come into play immediately. If, on the other hand, the support level of USD 57.40 is abandoned, one would have to take into account an extension of the price weakness to the next support level at USD 52.00. A dip below this level would be a serious threat to the price. A dip below this level would be critical for the further course.
FX_IDC:USDWTI
by Michael-Neubauer
US OIL (WTI/USD) – Week 14 – Medium-term bearish.On Thursday, the OPEC+ alliance decided to gradually increase the production starting from May in order to keep crude oil prices in check. Last week, WTI corrected and almost reached the resistance target that we forecasted in our previous analysis. Next week, we expect the price to reach the resistance area highlighted on the chart, before falling towards to support area located in the mid-’50s. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
18
WTI on the verge of a reversal?The rally of black gold in the form of the oil price, especially the WTI grade, peaked at the beginning of the month in the direction of the USD 70.00 mark. The appreciation, which became increasingly pronounced with the breakout at the end of 2020, ended just before this. The support level around USD 59.00 per barrel was fiercely contested these days. However, with yesterday's price weakness, after the impulse recovery from the talk, WTI oil is again at a stalemate. If new lows can be prevented, there could be a rapid upward movement to USD 62.00 and beyond to USD 66.00 as part of the defence of the upward trend line since December. The USD 70.00 mark would be within reach again. Below USD 57.40, on the other hand, a further downward wave to the next support at USD 52.00 would have to be expected. A dip below this would be critical. Contrary to the actually bullish seasonality, there could then be further declines to 48.00 and 46.00 USD. If you liked the analysis, we would be pleased if you liked or subscribed to it. You will be supporting our work enormously! Notice: Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.
FX_IDC:USDWTI
by Michael-Neubauer
US OIL (WTI/USD) – Week 12 – Bigger degree correction.WTI dropped nearly 10% as short-term demand concerns and a rising dollar clashed to cause the biggest intraday plunge since October. For this week we expect a corrective move towards the resistance area highlighted on our chart, before resuming the downtrend and breaking the trendline. The bigger degree correction that we were expecting for a few weeks has started and we expect the price to continue dropping into the mid 50’s. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
20
US OIL (WTI/USD) – Week 11 – Support zone targeted.Nothing much has changed in regards to our previous analysis for Oil. The price dropped at the start of last week, before gaining some bullish strength. For this week we expect the price to test the support zone highlighted on our chart, before gaining more bullish momentum. Medium-term, due to the fact that we are in a very bullish trend that started in April 2021, we anticipate that a bigger degree correction will soon take place. From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area. We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
12
Oil Production Held Largely SteadyOPEC-JMMC meeting expected to conclude with oil production hike. Oil prices in February celebrated Saudi Arabia’s voluntary cut of oil production in February and March by 1 million barrels-per-day (bpd), climbing to a 13-month high. However, oil prices started this month with a retracement just days before the OPEC-JMMC meeting. With oil prices rising back to the pre-Covid levels, the market was expecting Saudi Arabia to end its voluntary cut, with the OPEC potentially increasing production by up to 1.3 million bpd starting from April. Furthermore, the OPEC+ was expected to increase production by 500,000 bpd. A surprise from OPEC+. To the surprise of the market, Saudi Arabia held its 1 million bpd of voluntary oil production cut into April. Most of the OPEC+ members agreed to continue at the current production level except for Russia and Kazakhstan, where they will be allowed to increase production by 130,000 and 20,000 bpd respectively. As a result, oil prices soared. Despite the progress made in the recovery of the oil market, the OPEC and its allies are well aware of the existing uncertainties surrounding the demand. The recent discovery of a new variant of the COVID-19 virus that led to the resumption of lockdown measures in certain parts of the world proved how the demand of oil can be easily impacted. Just two weeks before the March’s meeting, Saudi Arabia warned members of the oil alliance against complacency as uncertainty is very high and that extreme caution is necessary. U.S. shale not a threat to oil prices. For several months now, Russia has been trying to persuade Saudi Arabia to increase oil production, worrying that a continued rise in oil prices will impact its affordability, thus causing a switchover in demand from oil to U.S. shale. However, during the recent OPEC-JMMC meeting, Saudi Energy Minister Prince Abdulaziz bin Salman expressed confidence that the rise in oil prices now will not bring back the glory days of U.S. shale that transformed the global energy industry. If that is the case, the OPEC+ will be able to take oil prices to a higher level and take control of a major market share. However, if the Energy Minister is wrong about the U.S. shale, then the consequence of a reduced demand will potentially lead to a collapse in oil prices.
TVC:USOIL
by JinDao_Tai
CRUDE OIL (WTI/USD) – Week 8 – Bulls not letting go.Last week, Oil fell the most in nearly a month, suffering from a deep market selloff in sync with the current energy crisis in the U.S. that will likely keep refineries shut for another week, lowering the demand. In the past few weeks, our technical perspective inclined towards a bearish move and it looks like it has been finally triggered. At the moment we are consolidating underneath the trendline and we expect the selloff to continue in the coming days. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
7
WTIUSD correction takes longer.WTIUSD correction takes longer. Continuing the previous analysis, the correction movement forecast needs to be modified. The long-term uptrend has not changed, but the decline on Friday last week predicts a further fall. My assumption is that the correction persists up to the lower ATR axis (white dotted line). You can turn north again by touching this axis. This level can be 55.67usd. However, due to the increased correction distance, as the ATR also increased in the meantime, the target price will also increase. Therefore, the rise after the correction motion is completed increases from 67usd to 72usd. So at the new target price: 72,062usd.
OANDA:WTICOUSD
by meszaros
CRUDE OIL (WTI/USD) – Week 7 – Bulls not letting go.WTI gained $1.23 to settle at $59.60 a barrel, rising the most from the beginning of the year. The sign of inventories declining in the U.S. and around the world point to the success that the OPEC+ has had in draining an oversupply left in the wake of a historic demand drop due to the COVID-19 pandemic. We will cautiously monitor this pair as we still expect a deeper bearish consolidation that can drop the price towards our trendline. We kindly recommend for this week that you concentrate on other instruments since we don’t have any confirmation that the bearish move will start. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
FX_IDC:USDWTIShort
by financialflagship
2