XTIUSD price analysis

[fxoday]

Hello everyone, have a nice day, I hope all members of the FPA community are full of health and prosperity

Today, looking closely at the oil market, it appears that oil prices have fallen again to the price level of 82.17. Yesterday oil formed a bearish candlestick with a high of 83.60 and a low of 82.15.

Oil prices fell even though geopolitical tensions in the Middle East support oil prices to weaken. On the other hand, OPEC opposes reports that predict oil demand will fall. OPEC Secretary General Haitham Al Ghais called on those predicting the end of oil prices to take a more relaxed stance as these predictions could be dangerous.

OPEC has repeatedly argued that forecasts predicting a rapid end to the oil era are not based on reality and that stretching them could discourage new investment in oil and gas supplies that the world needs.

XTIUSD technical analysis today

Oil prices are slightly down 0.22% today from opening prices. In yesterday's price movement, oil formed a bearish candle which reflected the decline in oil prices.

On the daily timeframe, US crude oil prices are now moving between the middle and lower band lines.

Here the Bollinger band expands slightly, reflecting a slight increase in volatility.

MA 50 is currently still drawing a slight upward channel near the lower band line reflecting the uptrend market. MA is a lagging indicator that provides signals after a trend is formed.

On the other hand, the RSI points to level 47, oil prices move below the downtrend level.

ON H1 timeframe, US Crude oil moves near the lower band line. Here the Bollinger bands appear to expand, reflecting increased volatility.

MA 50 is between the upper and middle band lines drawing a slight downward channel reflecting the market downtrend.

The RSI indicator points to level 27, meaning the price is below the downtrend levels.

Support and resistance

In the short term, it is estimated that the support zone is near the lower band line at around 81.79, and resistance is near the upper band at roughly 84.00

 

[fxoday]

Hello everyone, have a nice day, hope all traders are doing well today

WTI oil prices fell amid news of US data, CB Consumer Confidence fell to the lowest level since July 2022 and manufacturing activity in Chicago contracted to the lowest level since November 2022. The market is increasingly convinced that the Fed will take an increasingly hawkish stance.

The strengthening of the US dollar index also contributed to pressure on oil prices amidst Middle East geopolitical tensions. According to Investing Hamas leaders have arrived in Egypt to negotiate a ceasefire with Israel through mediators from Egypt and Qatar. However, it seems that Israel has failed to send representatives for mediation.

The strengthening of the US dollar exchange rate makes commodities traded in that currency more expensive for owners of funds in other currencies.

XTIUSD technical analysis today

WTI oil prices fell 0.28% in today's trading according to Tradingview. The price is now at 80.83 which has been the psychological level of WTI oil for several weeks.

On the daily timeframe, WTI oil prices are now moving near the lower band line which is dynamic support. It can be seen here that the Bollinger bands are slightly expanding, indicating that market volatility may increase.

WTI oil price has also managed to cross the 50 MA from the upside, indicating strong bearishness.
The RSI indicator points to level 41, oil prices move below the downtrend level.

On the H1 timeframe, oil prices also move near the lower band line. Here the Bollinger band line also appears to be expanding, reflecting increased market volatility.
MA 50 forms a descending channel above the middle band line indicating a market downtrend.
Meanwhile, the RSI indicator points to level 34, which means the price is moving below the downtrend level.

Support and resistance

The oil support zone is predicted to be around 80.00. A break of this level could possibly bring oil prices down further. The resistance zone is predicted to be around 83.00 near the upper band line.
In the long term, oil prices reach a high level of 87.00 which may become long-term resistance.

 

[fxoday]

The price of WTI oil fell and successfully penetrated the psychological level of 80 bringing the price down to level 78.53.

According to CNBC, the fall in oil prices was mostly caused by increasing US inventories and doubts about the Fed cutting interest rates.

Data from the American Petroleum Institute showed late Tuesday that US crude inventories grew by 4.9 million barrels in the week to April 26, dashing expectations of a 1.5 million barrel increase.

The market seems to be ignoring the influence of global geopolitics in the Middle East which is feared to disrupt supply chains.

The Fed's influence is also a consideration for the market, as previously they might cut interest rates when the inflation target had met the requirements, probably the Fed will still maintain high interest rates for a longer period because inflation is still relatively high.

Expectations of higher U.S. interest rate hikes for longer sent the dollar rising sharply this week, which also weighed on oil prices.

XTIUSD Technical analysis today

In the midst of global geopolitical tensions in the Middle East, oil prices recorded their highest increase at the price level of 87.08 on February 5. After that, oil prices corrected and repeated their high of 87.00 in mid-February. After that, oil prices tended to form a downward wave and today are at the price level of 78.00.

On the daily timeframe, we saw oil prices forming a bearish candle with a long body indicating that oil prices had fallen drastically. After breaking the MA 50 from the upside, oil prices fell further when they managed to penetrate the psychological level of 80.00.

Currently, the price is moving near the lower band line. Bollinger bands appear to expand reflecting increased volatility.

The 50 MA above the price forms an upward channel, the MA is a lagging indicator that gives a signal after a trend is formed.

On the other hand, the RSI points to level 34, meaning the price is below the downtrend level near the oversold zone level.

H1 timeframe

On the H1 timeframe, oil prices move near the lower band line. Here the Bollinger bands seem to be expanding, reflecting increased market volatility.

MA 50 is near the upper band line forming a descending channel reflecting the market downtrend.
The RSI indicator points to level 29, the price has entered the oversold zone, warning of the possibility of a decline reaching its peak.

Support and resistance

WTI oil price has crossed the psychological support level of 80.00 and reached a new low of 78.54. Based on RSI, oil prices are now near the oversold zone, making it possible that the price is near the support zone.

Resistance refers to the MA 50 in the range of 80.00 price level. And 76.65 could be the first resistance target.

 

[fxoday]

Hello everyone, have a nice day, Friday market is at the beginning of the week this month the market may be waiting for the NFP news release.

Today's US crude oil price rose slightly by 0.43% from the open price, but the market seems to still be in doubt about the market trend. Price movement is still consolidating near the lower band line.

News reported by Oilprice, Aramco, which is the Saudi Arabian oil giant, spent $3.5 billion on research and development last year in AI. The company is active in 250 areas of innovation including, besides AI, drone technology, robotics, and electric vehicles.

Today's market is waiting for NFP news data to be released, which is expected to have an impact on volatility in financial markets. Meanwhile, according to Reuters, gasoil supplies, including diesel, increased by around 3 percent at refineries and storage centers in Amsterdam-Rotterdam-Antwerp in the last week according to data released by Insights Global.

Meanwhile, doubts about the Fed raising interest rates do not seem to have received an immediate response in the oil market.

XTIUSD technical analysis today

WTI oil price is now moving near the lower band line. There are market players' doubts about the oil movement trend as seen from the candlestick which forms a bearish candlestick with long tails on the top and bottom of the candle.

On the daily timeframe, the Bollinger band appears to be expanding, reflecting increased market volatility.
On the other hand, the MA 50 above the price is still drawing an upward channel even though the price has broken out from the upside.
The RSI indicator points to level 36, meaning the price is moving below the downtrend level.

On the H1 timeframe, oil prices are consolidating near the middle band line at around 78.96. In this timeframe, the Bollinger bands draw a flat channel with a narrow band reflecting less market volatility.
MA 50 near the upper band draws a descending channel indicative of a market downtrend.
Meanwhile, the RSI points to level 47, which means the price is moving below the downtrend level.

Support and resistance

The nearest support is based on the lower band of US crude oil at around 78.14 and resistance is near the upper band at around 79.60.

 

[fxoday]

Hello everyone, have a nice day, Monday with the hope of a good week

WTI oil prices rose 0.66% today after plunging last weekend.
From the XTIUSD chart, we can see oil rising from a low of 77.69 now at 78.21.
Today some banks are not operating because they are closed, such as in Japan and the UK. This may affect the decline in currency transaction volume.

In other news, according to Oilprice, the G7 countries, the United States, Britain, Italy, France, Japan, Germany, and Canada, this week reached an agreement to end the use of coal for electricity generation by 2035.

Will they succeed because so far coal contributes up to 15% of the country's energy mix?
However, this might also affect oil because using renewable energy is considered to be more environmentally friendly.

Technical analysis of oil today

WTI oil price opened at 77.88 and has risen to 78.31 today.
On the daily timeframe, we see oil prices moving near the lower band line. Bollinger bands that appear to expand reflect increased market volatility.

Based on price history, WTI oil fell after breaking the psychological level of 80.00. On the daily timeframe, we also see the 50 MA above the price forming a flat channel which reflects a trend transition signal.

On the other hand, the RSI indicator is pointing at level 34, indicating that prices are moving below the downtrend level near the oversold zone.

In the H1 time frame, the price of WTI oil moves below the middle band line, bouncing after touching the lower band line. The indicator's expanding Bollinger bands reflect increased volatility.
MA 50 above the middle band line draws a downward channel indicating a market downtrend.
The RSI indicator points to level 43 which reflects the price moving below the downtrend level.

Support and resistance

The closest support for US crude oil is near the lower band at roughly 77.40 and the closest resistance is based on the upper band at roughly 79.40.
On long term, support could be reached at 76 price level and resistance is near the middle band at roughly 82.00.

 

[fxoday]

Hello everyone, have a nice day, continue trading today with the hope that all traders will be profitable

Oil prices rose slightly today by 0.14% according to Tradingview data. After last week's sharp decline, oil prices are again consolidating near the lower band line.

According to FXstreet, Dollar-denominated Oil strengthened as the Greenback's appeal weakened after key official United States labor market data for April remained weak. The US Nonfarm Payrolls (NFP) data released on Friday reported that fewer jobs were created and the Unemployment Rate rose to 3.9%.

Bloomberg reported, Over the weekend, state-owned Saudi Aramco raised the official selling price of Arab Light crude for customers in Asia in June by 90 cents to $2.90 a barrel above the Oman-Dubai regional benchmark price.

XTIUSD technical analysis

The price of US crude oil is currently still trading below the 80.00 price level. Oil prices plunged last week due to rising US oil inventories. Even though tensions are escalating, the war in the Middle East is still raging.

On the daily timeframe, we see gold prices consolidating near the lower band line. Even though it rose yesterday to form a bullish candlestick, it formed a higher low.

MA 50 near the middle band draws a flat channel indicating price is moving below the downtrend line.
The RSI indicator points to level 35, which means the price is moving below the downtrend level.

On H1 timeframe, US crude oil prices are consolidating near the middle band line. Here a Bollinger band squeeze appears reflecting a flat market waiting for a breakout.

MA 50 near the price draws a flat channel reflecting a sideways market, while the RSI indicator points to level 52, meaning the price is moving above the uptrend level.

Support and resistance

The nearest support is around 77.66 and the nearest resistance is around 78.90.
If oil prices rise, resistance is possible near the MA 50 around 81.05

 

[fxoday]

Hello everyone, have a nice day, hope everything is doing well today.

Oil prices are steady in the price zone 77.44-78.85 and indicate market doubts. Prices are still moving near the lower band after falling last week.

The American Petroleum Institute (API) reported a small build in US oil inventories, although it rose by 509,000 barrels for the week ending May 3, but analysts expected an increase of 1,430 million barrels draw.

OPEC is likely to extend production cuts due to geopolitical risks and fluid economic data.

XTIUSD Technical analysis today

US crude oil price is trading at 77.82 currently. It appears that the price is forming a bearish candle with a small body, indicating a price decline.

On the daily timeframe, oil prices are still moving near the lower band line. Here the Bollinger bands appear to expand reflecting increased volatility.

MA 50 near the middle band line is drawing a flat channel indicating there is a possibility of a trend transition.

The RSI indicator is pointing at level 33, giving attention to the possibility that the price will enter the oversold zone.

On the H1 timeframe, oil prices tend to be flat, here a Bollinger band squeeze appears which reflects market less volatility. It appears that the oil price range in this time frame forms a swing high of around 78.80 and a swing low of 77.54. The market may still be waiting for a breakout.

MA 50 also draws a flat channel near the middle band reflecting a flat market.
The RSI indicator points to level 42, which means the price is moving below the downtrend level.

Support and resistance

Referring to the price history, support is at the price level of 77.36, a break of this level may bring oil down lower.
Resistance in the near term based on history is in the price range of 79.80, with the next resistance near the MA line in the range of 81.00.