How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 5 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 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 and 38.2% Fibonacci retracement towards our 1st support level at 97.75 in line with the 61.8% and 78.6% Fibonacci projection, 161.8% Fibonacci extension, -27.2% Fibonacci expansion. 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
As supply fears grow, WTI Crude Oil jumps to the $105.50s.
- WTI is trading at $105 as supply fears in Asian markets remain.
- A hiatus in discussions in Vienna to resurrect the Iran nuclear agreement is also having an effect.
In Asia, West Texas Intermediate (WTI) crude oil rose on Monday and continued to rise on Tuesday. The bulls are still in play because to persistent supply worries, as Russian energy sanctions are still much on the table as a result of Russian troops’ civilian fatalities in north Ukraine.
As a consequence, a new high of $105.57 has been set in Tokyo, with the WTI spot up 1.38 percent. Jake Sullivan, the White House’s National Security Advisor, indicated that the US is coordinating more penalties on Russia with European partners. Sullivan said that they have decided that Russia has committed war crimes, and Bucha adds to the evidence, implying a long conflict. “The Ukraine-Russia battle might last months rather than weeks.”
In addition, a halt in Vienna on discussions to resurrect the Iran nuclear agreement is being factored in, which might result in extra Iranian barrels entering the market. The discussions were halted because of the United States, according to Iran. At 0028 GMT, Brent crude prices were up $1.58, or 1.5 percent, to $109.11 a barrel, while US West Texas Intermediate futures were up $1.61, or 1.6 percent, to $104.89 a barrel, thanks to the news. After Japanese industry minister Koichi Hagiuda indicated the International Energy Agency (IEA) was still working out terms for a proposed second wave of coordinated oil releases, the contracts rebounded $2 a barrel in earlier trading.
In the meanwhile, TD Securities analysts discussed the Biden administration’s plans to release up to 1 million barrels of oil per day from the US Strategic Petroleum Reserve.
“While the SPR release may alleviate near-term tightness worries, it does not address the oil market’s longer-term difficulties.” Structural deficits may remain in the future since these reserves will need to be replaced at a time when global spare capacity and inventory levels are still strained,” according to the researchers.
“In this sense, energy markets’ right tail is set to remain structurally fat, as depleted reserves would add to the existing risks of self-sanctioning, stretched spare capacity across OPEC+, constrained shale production, an uncertain Iran deal, and OECD inventories at their lowest levels since the Arab Spring. We believe that the huge diversity of supply concerns will continue to drive the energy market.”
WTI US OIL
| OVERVIEW | |
|---|---|
| Today last price | 103.83 |
| Today Daily Change | 1.07 |
| Today Daily Change % | 1.04 |
| Today daily open | 102.76 |
| TRENDS | |
|---|---|
| Daily SMA20 | 105.25 |
| Daily SMA50 | 98.01 |
| Daily SMA100 | 86.74 |
| Daily SMA200 | 80.22 |
| LEVELS | |
|---|---|
| Previous Daily High | 103.05 |
| Previous Daily Low | 97.33 |
| Previous Weekly High | 111.79 |
| Previous Weekly Low | 96.94 |
| Previous Monthly High | 126.51 |
| Previous Monthly Low | 92.37 |
| Daily Fibonacci 38.2% | 100.86 |
| Daily Fibonacci 61.8% | 99.51 |
| Daily Pivot Point S1 | 99.04 |
| Daily Pivot Point S2 | 95.32 |
| Daily Pivot Point S3 | 93.32 |
| Daily Pivot Point R1 | 104.76 |
| Daily Pivot Point R2 | 106.77 |
| Daily Pivot Point R3 | 110.48 |
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