How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 30 March 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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OIL:
On the H4, with price expected to bounce off the support of the ichimoku cloud, we have a bias that price will rise to our 1st resistance at 113.70 in line with the 38.2% Fibonacci retracement from our 1st support at 108.49 in line with the horizontal overlap support and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 102.64 in line with the horizontal overlap support and 78.6% Fibonacci retracement.
Areas of consideration:
- H4 time frame, 1st resistance of 113.70
- H4 time frame, 1st support of 108.49
WTI Price Analysis: Shows a symmetrical triangle with a balanced profile.
- As increasing uncertainty is followed by volatility reduction, WTI seems to swing in a range of 97.72-115.87.
- The RSI (14) has switched to a band of 40.00-60.00, indicating that consolidation is on the way.
- The 20 and 50-period exponential moving averages are scaling higher, suggesting that the upside is still intact.
The price of West Texas Intermediate (WTI) futures on the New York Mercantile Exchange has rebounded substantially after hitting weekly lows of 104.39 on Tuesday. The enormous positive swing from March 1 low at 94.48 to March 8 high at 126.51 and negative swing from March 8 high to March 15 low at 92.37 show that oil prices were very uncertain in March.
Larger-than-average swings in an asset are usually followed by a decrease in volatility. On a daily basis, the black gold is expected to stay stable in a range of 97.72-115.87, forming a symmetrical triangle. The trendline drawn from the December 20, 2021 low of 66.10 to the March 15, 2021 low of 92.37 will provide significant support heading ahead.
The 20 and 50-period Exponential Moving Averages (EMAs) are scaling higher at 104.70 and 97.78, respectively, adding to the upward filters.
The Relative Strength Index (RSI) (14) has switched from a bullish range of 60.00-80.00 to a bearish range of 40.00-60.00, indicating that consolidation is on the way.
Oil prices will begin to march towards the round level resistance at 120.00, followed by the March 8 high at 126.51, if the asset breaks the March 24 high at 115.87.
On the other hand, if the black gold falls below the 50-period EMA at 97.78, bears will seize control, dragging the commodity towards its March 15 and February 18 lows of 92.37 and 87.29, respectively.
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