How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 6 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
WTI tries to break beyond the $100bbls barrier.
- The West Texas Intermediate (WTI) crude oil price is under pressure to break beyond $100 per barrel.
- Traders are weighing supply and demand issues.
On Tuesday, West Texas Intermediate (WTI) crude oil prices fell as the European Union considered further sanctions against Russia, raising supply fears in the oil market.
However, the EU has yet to take action against the country’s oil and gas imports, which supply most of its energy. WTI spot is down 2.9 percent, having traded between a high of $105.57 and a low of $99.92. The price of WTI oil for May delivery fell $1.32 to US$101.96 per barrel.
According to Reuters, “the EU may seek to prohibit Russian coal imports in the wake of claims of large-scale civilian executions by Russian soldiers in seized regions around Kyiv,” while “the EU and the US are also considering other steps to limit Russia’s capacity to wage war against its neighbor.”
Furthermore, Reuters said that “China’s decision to prolong a quarantine on Shanghai, one of the nation’s most vital business centers, has created demand worries as the government reports growing Covid-19 cases.”
In terms of Chinese demand, experts at TD Securities had predicted a 10% drop in road traffic, but the analysts said that they “now perceive a hint of stability in Chinese mobility,” based on a weighted average of congestion indicators for the 15 biggest cities by car registrations. Regardless, improvements in Chinese demand pale in contrast to OPEC+’s ongoing underproduction, and especially to the ongoing effect on Russian oil exports from self-sanctioning, as seen by Urals selling at a record discount.”
WTI US OIL
| OVERVIEW | |
|---|---|
| Today last price | 100 |
| Today Daily Change | -2.76 |
| Today Daily Change % | -2.69 |
| 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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