Get started

Xtiusd

Potential bullish rise?WTI oil (XTI/USD) is reacting off the pivot, acting as an overlap support, and could rise to the 1st resistance. Pivot: 75.31 1st Support: 72.63 1st Resistance: 78.30 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDLong
by ICmarkets
Market Analysis: Oil Prices Signal More UpsidesMarket Analysis: Oil Prices Signal More Upsides Crude oil prices climbed higher above $76.00 before the bears appeared. Important Takeaways for Oil Prices Analysis Today - Crude oil prices extended gains above the $76.00 and $77.00 resistance levels. - There was a break below a key bullish trend line with support at $75.80 on the hourly chart of XTI/USD at FXOpen. Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price started a major upward move from $71.35 against the US Dollar. The price gained bullish momentum after it broke the $73.60 resistance. The bulls pushed the price above the $75.00 and $75.80 resistance levels. The recent high was formed at $77.18 and the price started a downside correction below the 50-hour simple moving average. The RSI dipped below the 50 level and the price broke the 23.6% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high. There was also a break below a key bullish trend line with support at $75.80. Immediate support on the downside is near the $75.00 level. The next major support on the WTI crude oil chart is near the $74.25 zone or the 50% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high, below which the price could test the $73.60 zone. If there is a downside break, the price might decline toward $72.70. Any more losses may perhaps open the doors for a move toward the $71.35 support zone. If the price climbs higher again, it could face resistance near $75.80. The next major resistance is near the $77.20 level. Any more gains might send the price toward the $78.80 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
1
Falling towards 50% Fibonacci support?WTI oil (XTI/USD) is falling towards the pivot which acts as an overlap support and could bounce to the pullback resistance. Pivot: 75.31 1st Support: 73.99 1st Resistance: 77.28 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDLong
by ICmarkets
Bearish drop?WTI oil (XTI/USD) has reacted off the pivot and could potentially drop to the pullback support. Pivot: 77.16 1st Support: 75.92 1st Resistance: 78.23 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Heading into 38.2% Fibonacci resistance?WTI oil (XTI/USD) is rising towards the pivot and could reverse to the pullback support. Pivot: 75.95 1st Support: 72.88 1st Resistance: 77.55 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Market Analysis: Oil Price Takes HitMarket Analysis: Oil Price Takes Hit Crude oil is showing bearish signs and might decline below $75.00. Important Takeaways for Oil Price Analysis Today - Crude oil prices failed to clear the $78.20 region and started a fresh decline. - There was a break below a connecting bullish trend line with support at $77.50 on the hourly chart of XTI/USD at FXOpen. Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $78.20 resistance zone against the US Dollar. The price started a fresh decline below the $77.00 support. There was a break below a connecting bullish trend line with support at $77.50. There was a steady decline below the 50% Fib retracement level of the upward move from the $74.23 swing low to the $78.25 high. The pair is now consolidating below the 50-hour simple moving average. Finally, the price tested the 61.8% Fib retracement level of the upward move from the $74.23 swing low to the $78.25 high. If there is a fresh increase, it could face resistance near $77.00 and the 50-hour simple moving average. The first major resistance is near the $78.20 level. Any more gains might send the price toward the $79.50 level. Any more gains might call for a test of $80.00. Conversely, the price might continue to move down and revisit the $75.20 support. The next major support on the WTI crude oil chart is $74.20. If there is a downside break, the price might decline toward $73.50. Any more losses may perhaps open the doors for a move toward the $72.50 support zone. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
2
Bearish reversal for the WTI oil?The price is rising towards the pivot which has been identified as a pullback resistance and could reverse from this level to the pullback support. Pivot: 80.83 1st Support: 77.50 1st Resistance: 83.49 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Bearish drop?WTI oil (XTI/USD) is rising towards the pivot which acts as a pullback resistance and could reverse to the pullback support level. Pivot: 79.45 1st Support: 77.50 1st Resistance: 80.73 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Market Analysis: Crude Oil Price Correct Recent GainsMarket Analysis: Crude Oil Price Correct Recent Gains Crude oil prices are also moving lower from the $82.20 resistance zone. Important Takeaways for Oil Prices Analysis Today - Crude oil prices extended downsides below the $81.30 support zone. - A major contracting triangle is forming with resistance near $80.70 on the hourly chart of XTI/USD at FXOpen. Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $82.20 against the US Dollar. The price formed a short-term top and started a fresh decline below $81.30. The bears even pushed the price below $80.70 and the 50-hour simple moving average. The price even declined below the 50% Fib retracement level of the upward move from the $79.25 swing low to the $82.18 high. The price tested the $80.40 support zone and the 61.8% Fib retracement level of the upward move from the $79.25 swing low to the $82.18 high. Immediate support is near the $80.40 level. The next major support on the WTI crude oil chart is near $79.95. If there is a downside break, the price might decline toward $79.25. Any more losses may perhaps open the doors for a move toward the $78.00 support zone. On the upside, immediate resistance is near a major contracting triangle at $80.70 and the 50-hour simple moving average. The next resistance is near the $81.30 level. The main resistance is near a trend line at $82.20. A clear move above the $82.20 zone could send the price toward $82.50. The next key resistance is near $83.20. If the price climbs further higher, it could face resistance near $84.50. Any more gains might send the price toward the $85.00 level. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
2
Bullish bounce?WTI oil (XTI/USD) is falling towards the pivot and could potentially bounce from this level to the 1st resistance. Pivot: 80.98 1st Support: 79.44 1st resistance: 83.06 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDLong
by ICmarkets
Bearish drop off 50% Fibonacci resistance?WTI oil (XTI/USD) is rising towards the pivot and could drop from this level to the 1st support which acts as an overlap support. Pivot: 83.19 1st support: 80.90 1st Resistance: 84.34 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Bearish drop?WTI oil (XTI/USD) has reacted off the pivot and could potentially fall to the overlap support. Pivot: 83.19 1st Support: 80.90 1st Resistance: 84.34 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Could price fall from here?WTI oil (XTI/USD) is rising towards the pivot and could potentially reverse to the 50% Fibonacci support. Pivot: 84.75 1st Support: 82.64 1st Resistance: 86.21 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Falling towards 50% Fibonacci support?WTI oil (XTI/USD) is falling towards the pivot and could bounce to the 1st resistance. Pivot: 82.98 1st Support: 81.94 1st Resistance: 84.82 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDLong
by ICmarkets
WTI Crude Oil: Geopolitical Tensions and Technical SignalThe US crude oil benchmark, is trading near $82.00 on Monday. This modest uptick is driven by escalating geopolitical tensions in the Middle East and expectations of increased oil demand during the summer season. Geopolitical Tensions and Market Impact The prospect of a broader conflict in the Middle East, which could threaten crude oil supplies from the region, is fueling the rise in WTI prices. The UN Secretary-General’s statement on Sunday, warning that a full-scale war between Israel and Hezbollah would be disastrous, has further intensified these concerns. Technical Analysis: Signs of a Possible Retracement Technically, there are signs that WTI might experience a price retracement. The current levels suggest a potential pullback to the 61.8% Fibonacci retracement within a bearish channel, with the Relative Strength Index (RSI) indicating overbought conditions. This setup hints at a possible near-term correction before any further upward movement. Outlook In conclusion, while geopolitical tensions and seasonal demand are bolstering WTI crude oil prices, technical indicators suggest a potential retracement. Market participants should remain vigilant, watching for price movements around the 61.8% Fibonacci level and the behavior of the RSI in the coming sessions.
ICMARKETS:XTIUSDShort
by FOREXN1
1
WTI oil has a strong bullish momentum, could it rise further?Price is falling towards the pivot which has been identified as a pullback support and could bounce to the 1st resistance. Pivot: 80.90 1st Support: 79.44 1st Resistance: 83.03 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDLong
by ICmarkets
Could WTI oil fall from here?Price is rising towards the pivot and could reverse from this level to the pullback support. Pivot: 80.90 1st Support: 77.51 1st Resistance: 83.24 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
1
Bearish drop?XTI/USD is reacting off the pivot which is a pullback resistance and could potentially drop to the 1st support. Pivot: 75.84 1st Support: 72.48 1st Resistance: 77.86 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
ICMARKETS:XTIUSDShort
by ICmarkets
Market Analysis: Crude Oil Price RisesMarket Analysis: Crude Oil Price Rises Crude oil is recovering and might rise toward the $78.40 resistance zone. Important Takeaways for Oil Prices Analysis Today - Crude oil is recovering losses and trading above the $74.30 support. - There was a break above a connecting bearish trend line with resistance near $73.50 on the hourly chart of XTI/USD at FXOpen. Oil Price Technical Analysis On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $72.40 zone against the US Dollar. The price formed a base and started a recovery wave above $73.50 and the 50-hour simple moving average. The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $78.42 swing high to the $72.42 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $73.50. The hourly RSI is near the 65 level, but the price is struggling near $75.50. The next resistance is near the 61.8% Fib retracement level of the downward move from the $78.42 swing high to the $72.42 swing low at $76.15. A clear move above the $76.15 could send the price toward the $77.50 resistance. Any more gains might send the price toward the $78.40 level. Conversely, the price might start a fresh decline from the $75.50 resistance. Immediate support sits near the $74.30 level. The next major support on the WTI crude oil chart is $72.40. If there is a downside break, the price might decline toward $72.40. Any more losses may perhaps open the doors for a move toward the $71.20 support zone. Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
2
WTI Oil Price Unchanged After OPEC+ MeetingWTI Oil Price Unchanged After OPEC+ Meeting The OPEC+ meeting over the weekend did not have a substantial impact on the price of crude oil. As the chart shows, WTI oil opened today at $76.72 per barrel, while on Friday it closed at $76.57 – indicating that the decision made by oil producers is ambiguous. The bullish argument is that restrictions on oil production to maintain its price will continue. According to Reuters, on Sunday, OPEC+ members agreed to extend the production cuts of 3.66 million barrels per day until the end of 2025. The bearish argument is that eight OPEC+ countries have already signalled plans to gradually phase out voluntary cuts of 2.2 million barrels per day from October 2024 to September 2025. Goldman Sachs analysts overall assessed the results of the meeting as more bearish for the market. "The communication of a gradual unwind reflects a strong desire to bring back production of several members given high spare capacity," they wrote. The WTI crude oil chart shows that the market is breaking the upward trend (shown in blue), which we mentioned in our review on 10 May. Since then, bulls attempted to resume the upward trend, but this only resulted in a false breakout of the psychological level of $80 per barrel on 29 May (indicated by an arrow). Afterwards, bears regained control and sharply pushed the price below the lower boundary of the blue upward channel, making the downward channel (shown in red), which began in April, more relevant. According to the technical analysis of the oil chart: → the price is near the median line of the red channel – a sign of temporary equilibrium between supply and demand; → below the current WTI crude oil price is an important level of $75.75, which provided support back at the end of winter. If the bulls attempt a comeback (which would require fundamental drivers), the upper boundary of the downward channel may resist the price. If the geopolitical situation in the Middle East does not escalate, the bears may continue to exert pressure aiming to break the $75.75 level – which would likely slow inflation and benefit the current U.S. administration ahead of the upcoming presidential elections. Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XTIUSD
by FXOpen
2