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Falling to 50% Fibonacci supportWTI oil (XTI/USD) could bounce off a pullback support at 80.32 which has been identified as a pivot point. Could price potentially bounce off this level to climb higher? Pivot: 80.32 Support: 78.55 Resistance: 83.52 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
Potential bullish breakoutWTI oil (XTI/USD) is rising towards a potential breakout level at 82.53 which has been identified as a pivot point. Could price potentially break through this level and rise higher towards the 1st resistance? Pivot: 82.53 Support: 81.33 Resistance: 84.08 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
Bullish momentum to continue?WTI oil (XTI/USD) could fall towards a pullback support at 82.53 which has been identified as a pivot point. Could price bounce off this level to resume the bullish uptrend? Pivot: 82.53 Support: 80.32 Resistance: 84.08 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
Bullish momentum to extend?WTI oil (XTI/USD) could rise towards an overlap resistance at 84.35 which has been identified as a pivot point. Could price stall around this level before potentially making a weak bearish reaction? Pivot: 84.35 Support: 79.79 Resistance: 90.36 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
Potential bullish bounce on handWTI oil (XTI/USD) has climbed strongly since Wednesday 13th March. This bullish momentum could extend should price bounce off a pullback support at 80.79 which has been identified as a pivot point. Could momentum lift price towards the 1st resistance? Pivot: 80.79 Support: 78.58 Resistance: 83.52 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 Oil Price Reaches 4-month HighWTI Oil Price Reaches 4-month High The International Energy Agency (IEA) has once again raised its forecasts for global oil demand in 2024. While the agency's forecast pointed to the prospect of an oil surplus in 2023, its analysts now believe that the world will experience a shortage of oil in the second half of 2024. Among the reasons for the shortage: → limitation of oil production by OPEC+ countries, it is 2 million barrels per day until the middle of the year. And it may be extended, as Bloomberg writes — the decision is scheduled for June 1; → changes in logistics routes due to Houthi attacks on tankers in the Red Sea. Also, a bullish impulse for the price of WTI oil can be provided by the geopolitical situation, which remains tense. The WTI oil chart shows that: → the price has exceeded the psychological level of USD 80 per barrel and is trying to gain a foothold there; → the price moves within the ascending channel (shown in blue); → long upper shadows on the candles around USD 81 indicate seller activity. This is where the upper boundary of the channel lies, so there is reason to consider the level of USD 81 as current resistance. Perhaps long position holders decided to take profits at the 4-month high in WTI oil prices. One way or another, given the activity of sellers and the presence of RSI indicator values in the overbought zone, this market is vulnerable to a pullback after growing by more than 4% this week. It is possible that the price will adjust to the median line of the channel. 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
Market Analysis: Crude Oil Price SurgesMarket Analysis: Crude Oil Price Surges Crude oil price is rising and it could climb further higher toward the $82 resistance. Important Takeaways for Oil Price Analysis Today Crude oil prices are moving higher above the $80.00 resistance zone. There is a connecting bullish trend line forming with support near $80.60 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 decent increase against the US Dollar. The price gained bullish momentum after it broke the $78.20 resistance. There was a sustained upward move above the $79.20 and $80.00 levels. The bulls pushed the price above the 50-hour simple moving average and the RSI climbed toward 65. A high was formed near $81.00 before there was a downside correction. The price is still stable above the 23.6% Fib retracement level of the upward move from the $76.48 swing low to the $81.02 high. However, the bulls are active above a connecting bullish trend line with support near $80.60. Immediate resistance is near the $81.00 level. If the price climbs further higher, it could face resistance near $82.00. The next major resistance is near the $83.20 level. Any more gains might send the price toward the $85.00 level. Conversely, the price might correct gains and test the 61.8% Fib retracement level of the upward move from the $76.48 swing low to the $81.02 high at $78.20. The next major support on the WTI crude oil chart is near $76.50. If there is a downside break, the price might decline toward $75.00. Any more losses may perhaps open the doors for a move toward the $73.50 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
Overhead resistance for crude oil?WTI oil (XTI/USD) is rising towards an overlap resistance level at 80.79 which has been identified as a pivot point. Could price stall around this level before potentially reversing to drop lower? Pivot: 80.79 Support: 75.84 Resistance: 83.52 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 supportWTI oil (XTI/USD) is falling towards a pullback support level at 75.89 that aligns close to the 50.0% Fibonacci retracement level which has been identified as a pivot point. Could price bounce off this level and potentially climb higher towards the 1st resistance? Pivot: 75.89 Support: 73.45 Resistance: 80.79 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
Potential bullish bounceWTI oil (XTIUSD) is falling towards a pullback support level at 77.21 which has been identified as a pivot point. Could price bounce off this level and potentially climb higher towards the 1st resistance? Pivot: 77.21 Support: 75.84 Resistance: 80.04 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
Approaching overlap supportWTI oil (XTIUSD) has ranged between 78.09 and 80.79 since 28th February. It is falling towards an overlap support level at 78.09 which has been identified as a pivot point. Could price bounce off this level once again and potentially climb higher towards the 1st resistance? Pivot: 78.09 Support: 76.26 Resistance: 80.79 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
USOIL | POTENTIAL BREAKOUT IMMINENTUSOIL finds itself at a critical juncture, facing a formidable horizontal resistance level at 79 that has proven unyielding since November 2023. However, a noteworthy development is underway as it sustains its position above the DEMA100 for the first time since October 23. Furthermore, there is discernible formation of an inverted head and shoulders pattern within the confines of the 79 resistance zone. This pattern typically signifies a bullish reversal, hinting at the possibility of a breakout. To confirm the bullish momentum, the bulls need to achieve a daily close above the 79 mark, which would effectively unlock potential upside opportunities. It goes without saying that maintaining a stop-loss level below 76 provides a prudent safeguard for any long positions. Additionally, the EMA100 serves as a dynamic trailing stop-loss indicator, aiding in managing risk effectively.
TVC:USOILLong
by TradeTrio
Market Analysis: Crude Oil Price Eye More UpsidesMarket Analysis: Crude Oil Price Eye More Upsides Crude oil prices are gaining bullish momentum and might rise toward $80.00. Important Takeaways for Oil Prices Analysis Today Crude oil prices rallied above the $76.55 and $77.00 resistance levels. There is a key bullish trend line forming with support at $77.80 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 rally against the US Dollar. The price gained bullish momentum after it broke the $77.00 resistance. There was a sustained upward move above the $77.80 and $78.00 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50. Recently, there was a minor decline from the $78.38 high. The price tested the $76.00 support. There was a move below the 23.6% Fib retracement level of the upward move from the $76.96 swing low to the $78.68 high. If the price climbs higher again, it could face resistance near $78.70. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $80.00 level. Conversely, the price might correct gains below the $78.20 zone. The next major support on the WTI crude oil chart is near the $77.80 zone and the 50% Fib retracement level of the upward move from the $76.96 swing low to the $78.68 high. There is also a key bullish trend line forming with support at $77.80. If there is a downside break, the price might decline toward $77.00. Any more losses may perhaps open the doors for a move toward the $75.90 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
Market Analysis: Crude Oil Price Extends RallyMarket Analysis: Crude Oil Price Extends Rally Crude oil price is rising and it could climb further higher toward the $80 resistance. Important Takeaways for Oil Prices Analysis Today Crude oil prices are moving higher above the $76.10 resistance zone. There is a key bullish trend line forming with support near $77.40 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 decent increase against the US Dollar. The price gained bullish momentum after it broke the $74.30 resistance. There was a sustained upward move above the $75.50 and $76.10 levels. The bulls pushed the price above the 50-hour simple moving average and the RSI climbed toward 65. A high was formed near $78.107 before there was a downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $75.46 swing low to the $78.07 high. However, the bulls are active above a key bullish trend line with support near $77.40. Immediate resistance is near the $78.10 level. If the price climbs further higher, it could face resistance near $78.80. The next major resistance is near the $80.00 level. Any more gains might send the price toward the $82.00 level. Conversely, the price might correct gains and retest the 50-hour simple moving average and the 50% Fib retracement level of the upward move from the $75.46 swing low to the $78.07 high at $76.75. The next major support on the WTI crude oil chart is near $76.10. If there is a downside break, the price might decline toward $74.30. Any more losses may perhaps open the doors for a move toward the $73.50 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
1
Market Analysis: Crude Oil Price Eye Additional GainsMarket Analysis: Crude Oil Price Eye Additional Gains Crude oil prices are gaining bullish momentum and might rise toward $82.00. Important Takeaways for Oil Prices Analysis Today Crude oil prices rallied above the $74.90 and $76.00 resistance levels. There was a break above a key bearish trend line with resistance near $76.80 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 rally against the US Dollar. The price gained bullish momentum after it broke the $74.90 resistance. There was a sustained upward move above the $76.00 and $77.85 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50. Recently, there was a minor decline from the $79.12 high. The price tested the $76.00 support. It is again rising above the $76.50 level. There was a break above a key bearish trend line with resistance near $76.80. There was a move above the 50% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low. If the price climbs further higher, it could face resistance near $77.85. The 61.8% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low is also near the $77.85 zone. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $82.00 level. Conversely, the price might correct gains below the $77.00 zone. The next major support on the WTI crude oil chart is near the $76.00 zone. If there is a downside break, the price might decline toward $74.90. Any more losses may perhaps open the doors for a move toward the $73.50 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
Market Analysis: Crude Oil Price Turns RedCrude oil prices declined steadily below the $72.90 support and moved into a bearish zone. Important Takeaways for Oil Prices Analysis Today Crude oil prices extended downsides below the $72.90 support zone. A major bearish trend line is forming with resistance near $72.20 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 $75.20 against the US Dollar. The price formed a short-term top and started a fresh decline below $74.50. There was a steady decline below the $72.90 pivot level. The bears even pushed the price below $72.20 and the 50-hour simple moving average. Finally, the price tested the $71.40 zone. The recent swing low was formed near $71.69, and the price is now consolidating losses. Immediate support is near the $71.40 level. The next major support on the WTI crude oil chart is near $71.00. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.00 support zone. On the upside, immediate resistance is near a major bearish trend line at $72.20. It is close to the 23.6% Fib retracement level of the downward move from the $73.63 swing high to the $71.69 low. The next resistance is near the 61.8% Fib retracement level of the downward move from the $73.63 swing high to the $71.69 low at $72.90. A clear move above the trend line resistance and $72.90 could send the price toward $73.60. The next key resistance is near $75.20. If the price climbs further higher, it could face resistance near $78.00. Any more gains might send the price toward the $80.00 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
Market Analysis: Crude Oil Price Aims HigherCrude oil price is rising and it could climb further higher toward the $75.90 resistance. Important Takeaways for Oil Prices Analysis Today Crude oil prices are moving higher above the $71.00 resistance zone. There is a key bullish trend line forming with support near $72.60 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 decent increase against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance as mentioned in the previous analysis. There was a sustained upward move above the $71.50 and $72.20 levels. The bulls pushed the price above the 50% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low. It is now trading above the 50-hour simple moving average and the RSI is rising toward 65. Immediate resistance is near the 76.4% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low at $73.35. If the price climbs further higher, it could face resistance near $74.00. The next major resistance is near the $75.90 level. Any more gains might send the price toward the $78.00 level. Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $72.60. The next major support on the WTI crude oil chart is near $71.00. If there is a downside break, the price might decline toward $69.40. Any more losses may perhaps open the doors for a move toward the $68.00 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
Market Analysis: Crude Oil Price RecoversCrude oil price is recovering, and it could climb further higher toward the $78 resistance. Important Takeaways for Oil Prices Analysis Today · Crude oil prices rallied above the $71.00 and $73.00 resistance levels. · There is a key bullish trend line forming with support near $73.00 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 decent recovery wave against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance. There was a sustained upward move above the $72.00 and $73.00 resistance levels. The bulls pushed the price toward $75.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50. If the price climbs further higher, it could face resistance near $74.45. The first major resistance is near the $76.20 level. Any more gains might send the price toward the $78.00 level. Conversely, the price might correct gains below the 23.6% Fib retracement level of the upward move from the $72.15 swing low to the $74.45 high. The next major support on the WTI crude oil chart is near a key bullish trend line at $73.00. The 61.8% Fib retracement level of the upward move from the $72.15 swing low to the $74.45 high is also near $73.00. If there is a downside break, the price might decline toward $72.15. Any more losses may perhaps open the doors for a move toward the $71.00 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
WTI Oil Price Drops to Lowest Level Since JulyAs the chart shows, the price of a barrel of US crude oil dropped below 72.10 per barrel yesterday for the first time since July 2023. Fundamentally, this happened against the backdrop of: → Statistics showing that US oil exports are increasing. Volume is approaching a record 6 million barrels per day, with flows to Europe and Asia showing steady growth. → Previously announced measures to reduce oil production by OPEC+. However, either the price has already taken these statements into account in advance, or market participants are not confident that the reduction in OPEC+ supplies will be fully implemented — one way or another, so far the OPEC+ countries have not achieved the desired increase in oil prices. Perhaps, in order to discuss the oil market, Russian President Putin is flying to the UAE and Saudi Arabia today. And Deputy Prime Minister Alexander Novak said OPEC+ is ready to deepen oil production cuts in the first quarter of 2024 to eliminate “speculation and volatility” if existing production reduction measures are not enough. From a technical analysis point of view: → the price of oil continues to develop its dynamics within the descending channel (shown in red); → the rising channel (shown in blue) looks like an intermediate correction within a larger decline. The lower boundary of the parallel channel may provide support for the current decline; → yesterday's update to the low was very small, it looks like a false breakout of the November low. The bears seem unsure, but they may make a new attempt if there is a successful test of the level of $73 per barrel, which worked as support in early December, but today may provide resistance. Also pay attention to the lower boundary of the downward channel, where sellers can take profits from short positions. 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