How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 1 April 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 Weekly, 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 131.64 in line with the 127.2% Fibonacci extension from our 1st support at 86.84 in line with the 50% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 68.70.
On the Daily, 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 132.14 in line with the swing high resistance from our 1st support at 98.15 in line with the horizontal swing low support and 61.8% Fibonacci retracement.
On the H4, with price moving below the ichimoku cloud, we expect to see a potential for bearish drop from our 1st resistance of 113.70 in line with the pullback resistance towards our 1st support level at 98.14 in line with the 61.8% Fibonacci projection. Alternatively, If price breaks out, it can potentially move towards our 2nd resistance level at 123.24 which is in line with the swing high resistance.
Areas of consideration:
- H4 time frame, 1st resistance of 113.70
- H4 time frame, 1st support of 98.14
Crude Oil Futures: Potential for a deeper correction
On Thursday, open interest in crude oil futures markets fell for the second consecutive session, currently down by roughly 8.3K contracts, according to CME Group’s advanced prints. Volume followed suit and increased significantly by around 553.1K contracts, the greatest increase since March 1.
WTI may yet revisit $95.00 and lower levels.
Thursday’s notable drop in WTI prices was triggered by increased open interest and volume, indicating the possibility of more correction in the short future. In response, the commodity may try a rally to the monthly low of $93.50. (March 15).
Crude Oil WTI News 1 April 2022
Oil prices dipped by roughly a dollar on Friday, ahead of a meeting of consuming countries to consider a fresh release of emergency oil reserves in addition to the US’s massive scheduled release.
By 0629 GMT, US West Texas Intermediate (WTI) oil futures were down $1.02 to $99.26 per barrel, having traded as high as $101.75. The contract fell 7% on Thursday.
Brent oil futures fell 79 cents to $103.92 a barrel on Friday, following a 5.6 percent decline on Thursday. On Thursday, the May contract expired at a price of $107.91.
The expected distribution in the United States contributed to Thursday’s declines. On Friday, the two benchmark futures seemed to be on track for a weekly loss of 13% to 14%, their largest in two years.
The International Energy Agency’s (IEA) member states will meet at 1200 GMT on Friday to consider a possible further emergency oil release after their March 1 agreement to release around 60 million barrels.
On Thursday, US Vice President Joe Biden announced a six-month release of one million barrels per day beginning in May. This will be the biggest release from the United States Strategic Petroleum Reserve in history (SPR).
The goal is to compensate for disruptions in Russian oil supply caused by sanctions imposed in response to Russia’s invasion of Ukraine, which Moscow describes as a “special operation” aimed at disarming its western neighbor.
However, oil prices might reverse direction if the release is cut down or delayed, or if delivered amounts fall short of those specified by the White House, according to consultant Eurasia Group in a note.
Traders are watching to see how much oil the IEA nations agree to release, but do not anticipate it will have a significant impact on the market in the long run.
“Its effect will be limited, given it is unlikely to match the magnitude of the US statement,” IronFX senior analyst Jeffrey Halley said.
“Previous SPR releases took long to reach the market and had little influence on prices,” analysts at ANZ Research said in a report.
While Biden urged US producers to increase production, ANZ analysts believe the big SPR release might potentially work against producers, discouraging them from digging more.
“The projected release is significant enough to partially, if not fully, eliminate the crude oil market’s supply gap for a while,” Commonwealth Bank commodities analyst Tobin Gorey said.
“The move would very certainly limit prices over that time frame, leaving the market to depend on OPEC+ to boost supply.”
The Organization of the Petroleum Exporting Countries and its allies, including Russia, collectively referred to as OPEC+, stuck to their plan to add 432,000 barrels per day of supply in May, despite Western pressure on Saudi Arabia and the United Arab Emirates to use their spare capacity to boost output further.
China’s expanding lockdowns add to fears about declining gasoline consumption, according to Tina Teng, an analyst with IRONFX.
Shanghai’s business center extended a lockdown in its eastern districts late Thursday, but the western sections remained closed as planned.
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