How To Make Money Today: WTI CRUDE OIL Daily Market Analysis and Forex Trading Signals 7 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 expected to bounce off the support of the stochastics indicator, we have a bias that price will rise to our 1st resistance at 114.40 in line with the horizontal pullback resistance from our 1st support at 101.71 in line with the horizontal overlap support, 78.6% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 90.16 in line with the 127.2% Fibonacci extension
Areas of consideration:
- H4 time frame, 1st resistance of 114.40
- H4 time frame, 1st support of 101.71
WTI Price Analysis: Prices fall below the 50-EMA for the first time in 2022, with a target of $90.00.
- For the first time in 2022, WTI has fallen below the 50-EMA.
- The RSI (14) has slipped below the bullish zone of 60.00-80.00, indicating that bulls have lost steam.
- The counter will get bids if the mean reversion returns to the trendline.
WTI futures on the New York Mercantile Exchange (NYMEX) have been sensitive in recent trading sessions. After reaching a multi-year high of $126.51, the black gold has plummeted. The asset has closed below the 50-period Exponential Moving Average (EMA) for the first time in 2022, trading at $98.36.
On a daily basis, the asset is lingering around the $94.55 Fibonacci retracement (placed between the 2 December 2021 low of 62.34 and the March 8 high of $126.51) on the daily scale. It’s worth noting that the asset has broken through the trendline drawn from the low of $66.10 on December 20, 2021. Oil prices have settled securely below the 20-EMA, which is now trading at $102.00.
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 a period of consolidation ahead.
Bears would pull the asset towards the 50 percent Fibo retracement at $94.55, followed by the 61.8 percent Fibo retracement at $86.91, if WTI prices confront a mean reversion to the trendline drawn from December 20, 2021, the psychological number of $100.00.
Bulls, on the other hand, may restore power if the asset surpasses Tuesday’s high of $104.60, sending the asset towards round level resistance at $110.00. If the latter is breached, oil prices will rise to the $115.87 high set on March 24.
WTI daily chart
WTI US OIL
| OVERVIEW | |
|---|---|
| Today last price | 96.39 |
| Today Daily Change | -4.02 |
| Today Daily Change % | -4.00 |
| Today daily open | 100.41 |
| TRENDS | |
|---|---|
| Daily SMA20 | 104.14 |
| Daily SMA50 | 98.31 |
| Daily SMA100 | 86.95 |
| Daily SMA200 | 80.36 |
| LEVELS | |
|---|---|
| Previous Daily High | 104.6 |
| Previous Daily Low | 99.09 |
| Previous Weekly High | 111.79 |
| Previous Weekly Low | 96.94 |
| Previous Monthly High | 126.51 |
| Previous Monthly Low | 92.37 |
| Daily Fibonacci 38.2% | 101.2 |
| Daily Fibonacci 61.8% | 102.5 |
| Daily Pivot Point S1 | 98.13 |
| Daily Pivot Point S2 | 95.85 |
| Daily Pivot Point S3 | 92.62 |
| Daily Pivot Point R1 | 103.65 |
| Daily Pivot Point R2 | 106.88 |
| Daily Pivot Point R3 | 109.16 |
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