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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
Market Analysis: Crude Oil Price DivesCrude oil prices declined steadily below the $75.90 support and moved into a bearish zone. Important Takeaways for Oil Prices Analysis Today · Crude oil prices extended downsides below the $75 support zone. · A major bearish trend line is forming with resistance near $73.35 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 $80.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $78.00. There was a steady decline below the $75.90 pivot level. The bears even pushed the price below $73.90 and the 50-hour simple moving average. Finally, the price tested the $72.15 zone. A low was formed near $72.14, and the price is now consolidating losses. Immediate support is near the $72.15 level. The next major support on the WTI crude oil chart is near $71.50. 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 $73.35. The next resistance is near the 23.6% Fib retracement level of the downward move from the $79.60 swing high to the $72.14 low at $73.90. A clear move above the trend line resistance and $73.90 could send the price toward $75.90. It coincides with the 50% Fib retracement level of the downward move from the $79.60 swing high to the $72.14 low. The next key resistance is near $79.60. If the price climbs further higher, it could face resistance near $80.00. Any more gains might send the price toward the $82.00 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
1
XTIUSD( US OIL ) LONG term Trade AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet today XNGUSD analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XTIUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:USOILLong
by ForexPlanet20
XTIUSD( US OIL ) LONG term Trade AnalysisNov 9 Hello Traders In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet today XNGUSD analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XTIUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:USOILLong
by ForexPlanet20
The Price of WTI Oil Forming a Reversal PatternIn our analysis of the price of WTI oil dated November 8, we wrote that the price could recover to the level of USD 80 per barrel. After the price failed to reach the round level of USD 80 by only 36 cents (the median line of the descending channel prevented this from happening) on November 14, the bears again seized the initiative. The result of their pressure was a reduction in the price to a new autumn low on November 14 at the level of USD 73 per barrel, after which the price recovered again to the median line. A new attempt by the bears to push the price down from the median line occurred on November 22, but note how quickly the price of oil recovered after falling below USD 75 per barrel. This is evidence of bull aggression and the strength of demand. At the same time, the price forms an inverted head-and-shoulders reversal pattern, as a result of which a bullish breakdown of the current descending channel may occur, although if this event occurs, it is unlikely in the near future, since first the bulls need to overcome the resistance from the median line. Also, the bulls will have psychological resistance at USD 80 and, possibly, the SMA (100), directed downwards. Market participants are focusing on the OPEC+ meeting, which was postponed to November 30. It is reported that some members of the bloc of oil-producing countries are dissatisfied with the current policy of cutting production, as attempts to maintain world oil prices by reducing market supply do not allow them to achieve budgetary goals. It is possible that by the end of the month we will see spikes in volatility against the backdrop of news related to OPEC+. 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
XTIUSD( US OIL ) LONG term Trade AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet today XNGUSD analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XTIUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:USOILLong
by ForexPlanet20
6
XTIUSD( US OIL ) LONG term Trade AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet today XNGUSD analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XTIUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:USOILLong
by ForexPlanet20
Oil Prices Fall to Lowest Level since JulyAs the chart shows, the price of WTI oil has dropped below USD 77.50 – the last time prices were this high was in mid-July. The decline in oil prices was contributed to by: → first, easing concerns about the escalation of the military conflict in the Middle East and interruptions in the supply of oil produced in the region; → secondly, the data from Beijing. While China's crude oil imports rose in volume and value in October, the country's total exports fell 6.4% year on year, more than expected, CNBC reports. This points to a slowdown in demand in a world where central banks in many countries are keeping interest rates high to combat inflation. Thus, supply forces prevail despite the fact that Russia and Saudi Arabia announced continued restrictions on oil production amid the conflict in the Middle East. The oil price chart today shows that: → the market is oversold, judging by the RSI indicator; → the price is near the lower border of the downward channel. Therefore, the market is vulnerable to some price recovery from the oversold zone. If this happens, the price will form a false breakout of the August lows and could then test the USD 80.00 level. It is possible that this psychological level, which provided support on November 1-3 after yesterday's bearish breakout, will act as resistance — similar to what happened with the USD 82.50 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
Crude Oil Price Takes HitCrude oil price struggled and declined below the $85.75 support. Important Takeaways for Oil Prices Analysis Today · Crude oil prices failed to clear the $89.50 region and started a fresh decline. · There is a connecting bearish trend line forming with resistance near $83.70 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 clear the $89.50 resistance zone against the US Dollar. The price started a fresh decline below the $87.80 support. There was a steady decline below the $85.75 support and the 50-hour simple moving average. Finally, the price declined below the $82.80 support before the bulls appeared. A low is formed near $81.90 and the price is now recovering above the 50-hour simple moving average. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low, and the RSI moved above 50. If there is a fresh increase, it could face resistance near $83.70 and a connecting trend line. The first major resistance is near the 50% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low at $85.75. Any more gains might send the price toward the $87.80 level. Conversely, the price might continue to move down and revisit the $82.80 support. The next major support on the WTI crude oil chart is $81.90. If there is a downside break, the price might decline toward $80.00. Any more losses may perhaps open the doors for a move toward the $78.50 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
XTIUSD ( US OIL ) LONG term Trade AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet today XNGUSD analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XTIUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
FXOPEN:XTIUSDLong
by ForexPlanet20
WTI Oil Analysis: Price Falls 10% in Less Than a WeekIn our article “Oil Analysis: Finally, A Bearish Reversal?” on September 21, we drew attention to emerging signs that the initiative was shifting to the bears. This was noticeable in the changes in the dynamics of impulses and corrections, as well as in the analysis of the interaction between trading volumes and prices. Since then, the bulls were able to update the high of the year on September 28, but the price did not stay there for long, falling sharply in the following days. Three bearish candles formed on the chart, which confirmed the problems of the bulls, and the double top pattern (A-B) also became relevant. Another principle of technical analysis that emphasized the dominance of supply over demand is that each upward move was approximately 2 times weaker than the downward move. This can be seen in the consistent structure characteristic of a bearish trend: → the C→D move is approximately 50% of the B→C bearish momentum; → the rebound from the median line of the ascending channel E→F is approximately 50% of the bearish impulse D→E; → the bounce from the (now former) support line 87.50 G→H is approximately 50% of the bearish momentum F→G. Yesterday, the US Energy Information Administration (EIA) reported that supplies of finished motor gasoline, reflecting demand, fell to about 8 million barrels per day, the lowest since the beginning of this year. The news contributed to the formation of a new bearish impulse, which broke through the ascending channel (shown in blue). It is possible that another I→J rollback will follow. If so, then the formation of top J may be facilitated by resistance from the level of 87.50, the lower border of the ascending channel and the 50% Fibo 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
Crude Oil Price DipsCrude oil price is now correcting gains and trading below the $92.00 support. Important Takeaways for Oil Prices Analysis Today · Crude oil prices are now correcting lower below the $92.00 zone. · There was a break below a key bullish trend line with support near $92.50 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 continue higher above $94.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $92.50. There was a steady decline below the $91.50 pivot level. The bears even pushed the price below $91.20 and the 50-hour simple moving average. There was also a break below a key bullish trend line with support near $92.50. Finally, it tested the 50% Fib retracement level of the upward move from the $87.71 swing low to the $93.93 high. Immediate support is near the $90.50 level. The next major support on the WTI crude oil chart is near $89.20 or the 76.4% Fib retracement level of the upward move from the $87.71 swing low to the $93.93 high. If there is a downside break, the price might decline toward $89.20. Any more losses may perhaps open the doors for a move toward the $87.80 support zone. On the upside, immediate resistance is near the 50-hour simple moving average at $92.00. The next key resistance is near $92.40. If the price climbs further higher, it could face resistance near $93.20. Any more gains might send the price toward the $94.00 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
XTIUSD( US OIL )LONG term Trade AnalysisHello Traders In This Chart XTIUSD HOURLY Forex Forecast By Forex Planet today XNGUSD analysis 👆 🟢This Chart includes_ (XTIUSD market update) 🟢What is The Next Opportunity on XTIUSD Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
FXOPEN:XTIUSDLong
by ForexPlanet20
Oil Price Stabilizes Near Year's Highs Last week, the Russian Federation and Saudi Arabia confirmed plans to reduce production by the end of the year, which contributed to an increase in oil prices. At the beginning of this week, the WTI price stabilized in the range of 85.50 - 87.50. Will the upward trend continue, which will benefit oil producers? Bullish arguments: → The price is within the ascending channels, both short-term (built on the 1h and 4h charts) and long-term (built on the daily chart). → A series of rising lows is forming on the chart, indicating that demand is active. → Technically, the market may be supported by the level of 85.50, which previously served as resistance. → Oil supplies may be disrupted due to various storms. For example, in eastern Libya, 4 ports were closed due to flooding and a storm, which killed about 2,000 people. Bearish arguments: → News about economic slowdown in various regions (China, Europe) should weaken demand. → On September 11, the price of oil renewed its multi-month high, but retreated very quickly. The behavior was similar to a bull trap — a sign of a weak market that could be a harbinger of downward momentum. → High oil prices are unprofitable for governments of countries (including the United States) struggling with high inflation. Tomorrow, at 11:00 GMT+3, the publication of a monthly report on oil prices from the International Energy Agency is scheduled, which could greatly affect the current exchange rate and disrupt the consolidation triangle that is currently in effect. On Tuesday morning, the price is within the triangle formed from the median line of the ascending channel (shown in blue) and the level of 87.50. A breakout of this triangle can occur in both directions. 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