XTIUSD price analysis

[fxoday]

Hello everyone, have a nice day, I hope all members of the FPA community remain healthy and full of prosperity and peace.

WTI oil prices today recorded a small increase of 0.1% before the OPEC monthly report which will be delivered today. Last month's report from OPEC expected global demand to increase in anticipation of rising transportation fuel consumption and holiday driving.
Even though it still failed to reach the 80 price level on Monday, the increase in oil prices from a low of 77.37 to a high of 79.03 provided a positive impact to the oil market.
Tensions in the Middle East have not shown any signs of a ceasefire and there could even be a more serious escalation of war.

The market is now waiting for US Consumer Price Index (CPI) data on Wednesday to see whether the higher-than-expected inflation recorded in the first quarter continues into April. This data is important for estimating the possibility of the Fed cutting interest rates or holding interest rates high.

XTIUSD Technical analysis today

US crude oil prices are still trading below the 80 price level. The lowest level recently occurred on May 8 at 76.68 price level. Even though at the end of last week oil prices fell, on Monday's trading, oil prices tried to recover even though they were still below the previous high.

On the daily timeframe, oil prices are currently moving between the middle and lower band lines. Prices tend to be in a range for several days with a swing high of around 79.70 and a swing low of 76.90.

Here the Bollinger bands draw a descending channel with the bands appearing to be starting to narrow, indicating a downtrend, market volatility is decreasing.

MA 50 near the middle band draws a flat channel, the indicator structure has not changed much indicating a sideways market.

The RSI indicator points to level 41, which means the price is moving below the downtrend level.

On the H1 timeframe, the price seems to be consolidating after racing yesterday. Oil prices are now moved between the upper and middle band lines. MA 50 draws a flat channel indicating a flat signal.

Bollinger bands draw an ascending channel with wide-spaced bands reflecting an uptrend with high volatility.

The RSI indicator points to level 56, which means the price is moving above the uptrend level.

Support and resistance

Support zone-based lower band line at around 76.34 and resistance near the middle band line at roughly 80.00 level price.
Oil price movements are predicted to continue to move within the previous range, but OPEC's monthly report may be a trigger for increased volatility today.

 

[jomina]

Hello everyone, have a nice day, I hope all members of the FPA community remain healthy and full of prosperity and peace.

WTI oil prices today recorded a small increase of 0.1% before the OPEC monthly report which will be delivered today. Last month's report from OPEC expected global demand to increase in anticipation of rising transportation fuel consumption and holiday driving.
Even though it still failed to reach the 80 price level on Monday, the increase in oil prices from a low of 77.37 to a high of 79.03 provided a positive impact to the oil market.
Tensions in the Middle East have not shown any signs of a ceasefire and there could even be a more serious escalation of war.

The market is now waiting for US Consumer Price Index (CPI) data on Wednesday to see whether the higher-than-expected inflation recorded in the first quarter continues into April. This data is important for estimating the possibility of the Fed cutting interest rates or holding interest rates high.

XTIUSD Technical analysis today

View attachment 92141
US crude oil prices are still trading below the 80 price level. The lowest level recently occurred on May 8 at 76.68 price level. Even though at the end of last week oil prices fell, on Monday's trading, oil prices tried to recover even though they were still below the previous high.

On the daily timeframe, oil prices are currently moving between the middle and lower band lines. Prices tend to be in a range for several days with a swing high of around 79.70 and a swing low of 76.90.

Here the Bollinger bands draw a descending channel with the bands appearing to be starting to narrow, indicating a downtrend, market volatility is decreasing.

MA 50 near the middle band draws a flat channel, the indicator structure has not changed much indicating a sideways market.

The RSI indicator points to level 41, which means the price is moving below the downtrend level.

On the H1 timeframe, the price seems to be consolidating after racing yesterday. Oil prices are now moved between the upper and middle band lines. MA 50 draws a flat channel indicating a flat signal.

Bollinger bands draw an ascending channel with wide-spaced bands reflecting an uptrend with high volatility.

The RSI indicator points to level 56, which means the price is moving above the uptrend level.

Support and resistance

Support zone-based lower band line at around 76.34 and resistance near the middle band line at roughly 80.00 level price.
Oil price movements are predicted to continue to move within the previous range, but OPEC's monthly report may be a trigger for increased volatility today.

thanks for sharing

 

[fxoday]

Hello everyone, have a nice day, I hope all traders are always healthy and full of prosperity

Yesterday oil prices fell again after trying to rise in the price range of 78.87. The price fell and is now moving near the price level of 78.

According to analysts, the decline in oil prices was caused by US PPI data rising more than expected in April. This strengthens hopes that the Fed will maintain high interest rates which could impact in an economic slowdown and reduce oil demand.

On the other hand, tensions in the Middle East support oil prices, while Citigroup expects Brent oil prices to fall to around $70 in the third quarter of 2024.

XTIUSD technical analysis today

WTI oil prices are now moving between the middle and lower band lines. Prices tend to move within the swing-high range of the 80.00 price level and the 76.50 price level.

On the daily timeframe, the price moves within the previous range, and the Bollinger band draws a slight downward channel reflecting a downtrend market with a high volatility market.

On the other hand, the MA 50 draws a flat channel near the middle band, indicating a flat or sideways market.
The RSI indicator points to level 39, which means the price is moving below the downtrend level.

In the H1 timeframe, the price consolidates near the middle band line and tries to break from the downside.

Bollinger bands are drawing a slight downward channel with the bands starting to narrow indicating the downtrend is starting to saturate.

MA 50 near the middle band draws a flat channel indicating a flat market. And the RSI points to level 50, the price is moving at a neutral level.

Support and resistance

The nearest support is around the 77.00 price level and resistance is near the 80 price level.

 

[fxoday]

Hello everyone, have a nice day, I hope all FPA community members are doing well today.

Russia reportedly revealed oil reserves in the British Antarctic territory worth around 511 billion barrels according to Oilprice.

WTI oil prices rose yesterday from a low of 76.35 to a high of 78.42. Today oil prices rose slightly by 0.36% but are still moving below the 80 price level.

Yesterday's US inflation data showed that the actual value was lower than forecast, putting pressure on the USD. Inflation data is very important and can be used as a reference for the central bank for interest rate policy.

On the other hand, the International Energy Agency also cut its forecast for global demand by 140,000 barrels to only 1.1 million barrels per day due to falling demand from developing countries.

XTIUSD technical analysis today

US crude oil prices are now moving between the middle and lower band lines. In last week's trading, oil prices were still trading below the 80.00 price level.

On the daily timeframe, the oil price drew a bullish candlestick, and on the previous candlestick, it drew a pin bar candle indicating a reversal pattern.

Bollinger bands draw a downward channel with wide band spacing reflecting bearish sentiment with a high volatility market.

MA 50 above the middle band line draws a flat channel reflecting a flat market.
Meanwhile, the RSI points to level 41, meaning prices are moving below the downtrend level.

On H1 timeframe, oil prices are still in an upward bias between the upper and middle band lines.

Bollinger bands appear to expand in this time frame reflecting increased volatility.

MA 50 above the middle band draws a flat channel reflecting a flat market signal.

And the RSI points to level 58, which means the price is moving above the uptrend level.

Support and resistance

The closest support is based on the lower band line at roughly 77.00 level prices and the closest resistance is based on the upper band at roughly 79.00 level prices.

 

[fxoday]

Hello everyone, have a nice day, I hope all traders in the FPA community are doing well today.

Looking at changes in WTI oil prices today shows that there have been no significant changes in yesterday's trading. Even though it is in a bullish bias, the price is still moving below the price level of 80. Yesterday the price drew a high of 79.27 and a low of 77.72. Now the price is around 78.58.

There is an interesting news written by Oilprice, Saudi Arabia, which is the largest oil exporting country, is worried that economic overheating could slow down oil diversification. The country is starting to diversify to boost growth in the non-oil economic sector. According to the article Finance Minister audi Al-Jadaan: Provides more time to implement massive investment projects under the Vision 2030 plan to diversify the oil-dependent economy

On the other hand, US inflation data which is lower than forecast is expected to cool the Fed to cut interest rates. Lower interest rates can push the USD lower and boost the economy. A weaker USD could encourage oil demand to increase, according to analysts.

Geopolitical risks in the Middle East are also a concern and are thought to provide support for oil, which is also called black gold.

XTIUSD technical analysis today

Today the price of US crude oil rose 0.03%, a slight increase from today's open price.

On the daily timeframe, we see oil prices moving between the middle and lower band lines. Still like the previous price pattern, prices tend to move in a range below price levels 80 and 76.

The Bollinger bands which were drawing a slight descending channel appear to be fading and are drawing a slight flat channel.

MA 50 above the middle band draws a flat channel reflecting a sideways market. And the RSI points to level 43, which means the price is moving below the downtrend level.

In the H1 timeframe, the price moves slightly below the upper band line which acts as a resistance zone. Here the Bollinger bands draw a flat channel with slightly narrowed band spacing, reflecting a decrease in volatility.

MA 50 draws a flat channel slightly above the lower band line reflecting a sideways market. And the RSI points to level 56, which means the price is moving above the uptrend level.

Support and resistance

In the short term, it is hoped that the price will reach resistance based on the upper band at roughly 79.18, and support based on the lower band at roughly 78 price level.

 

[fxoday]

Hello everyone, Monday, I hope the FPA community members are doing well today.

Last week, WTI oil was traded below the price level of 80. Even though the market is drawing a bullish pattern, it has still not succeeded in breaking through the 80 level which is assumed to be a psychological level.

On Monday, the market may turn its attention to the monetary policy of the People's Bank of China (PBoC), which is expected to remain dovish because the economy is recovering.

The market is paying attention to China because this country is the largest oil importer in the world.

On the other hand, easing US inflation also has the potential to increase oil demand. The released CPI gives hope to the Fed to cut interest rates at its September meeting.

However, Fed officials still do not seem convinced that the inflation rate has reached the 2% target. The Fed President John Williams said “In the near term, I don't foresee gaining the greater confidence we need to see inflation progress toward the 2% goal,” Reuters reported.

XTIUSD Technical analysis today

Last week, the price of US Crude oil rose to a high of 79.60 from a low of 78.54 according to the XTIUSD chart on Tradingview. Price rises approaching the middle band line on the D1 timeframe.

Analysts predict that the increase in oil prices is due to the positive Chinese economy. China's industrial production rose 6.7 percent year-on-year in April and the recovery in manufacturing is likely to impact oil demand in the future.

XTIUSD technical analysis today

On the daily timeframe the price of US crude oil is currently still moving below the 80.00 price level, this could be a psychological level. A price level breakout allows the price to rise higher.

Now the price is moving near the middle band line. The Bollinger band indicator is still drawing a slight descending channel with a line that is starting to flatten reflecting a possible trend transition.

MA 50 above the middle band line draws a flat channel reflecting sideways prices that are below the downtrend line.

Meanwhile, the RSI points to level 47, which means prices are still moving below the downtrend level.

In the H1 timeframe, prices moving above the upper band line in this time frame reflect a market uptrend. Bollinger bands draw an ascending channel with expanding bands reflecting bullishness with increasing volatility.

MA 50 crossed the lower band line from the downside drawing an ascending channel reflecting bullish momentum.

Meanwhile, the RSI indicator points to level 61, which means the price is moving above the uptrend level.

Support and resistance

The nearest support is based on the lower band line at roughly 78.50 and resistance is near the upper band at roughly 80 level price.

 

[fxoday]

WTI oil prices are still below the 80 price level even though Saudi Arabia's oil exports increased to the highest level in March

Oil prices yesterday were still trading below the 80 price level for WTI oil, the price drew a bearish candlestick with a high of 80.03 and a low of 78.61.

According to data by the Joint Organizations Data Initiative (JODI), Saudi Arabia, the world's largest oil exporter, showed the largest increase in crude shipments in March, the largest in 9 months.

In other news, the PBoC kept interest rates unchanged on Monday while impacting oil's rise yesterday before finally falling.

On the other hand, Fed officials are blocking oil price increases because inflation developments may be unstable and indicate that the decline is only temporary and there will be no further progress in inflation this year.

XTIUSD technical analysis today

Today's US crude oil price rose slightly by 0.1% after falling yesterday to a low level of 78.61. Since May 15, oil prices have tended to draw a bullish pattern with lower highs.

On the daily timeframe, oil prices are now moving below the middle band line, which is a consolidation zone in the short term.

Yesterday the price drew a bearish candlestick after attempting a breakout of the 80 price level.
The Bollinger band structure draws a slight descending channel that fades with narrowing bands reflecting reduced volatility.

MA 50 above the middle band line draws a flat channel reflecting a sideways market.

RSI points to level 45 drawing an upward channel reflecting the price moving below the downtrend level but trying to rise.

In the H1 timeframe, oil prices tend to move sideways in the swing high range of 78.90 and swing low of 78.60.

The Bollinger band line draws a slight descending channel with medium band spacing reflecting a fading downtrend with reduced volatility.

The 50 MA near the price is drawing a flat channel reflecting a sideways market.

The RSI indicator points to level 49, the price moves slightly below the downtrend level with a flat line reflecting sideways

Support and resist

In the short-term support zone near the lower band line at roughly 78.50 and resistance near the upper band at roughly 79.90.

In the long term possible support near the lower band at roughly 75.80 and resistance near the upper band at roughly 83.50.

 

[fxoday]

Hello everyone, I hope all traders get abundant profits and increase their portfolio.

The price of WTI oil is still below the 80 price level. The price failed to penetrate the 80 price level even though it rose to 80.03 on Monday.

Yesterday, oil prices continued their decline and drew a bearish candlestick amid hawkish statements from Fed officials regarding keeping interest rates higher for longer.

On the other hand, US oil supplies increased this week by 2.48 million barrels at the end of May 10 according to The American Petroleum Institute (API).

From a political perspective, the death of the Iranian president and the health problems of Saudi Arabia's Salman bin Abdulaziz do not seem to have affected the market.

Even though US inflation is cooling, Fed officials still appear to be hawkish and keep interest rates high for longer.

The results of a survey by the CME FedWatch Tool, the probability of the Federal Reserve lowering interest rates by 25 basis points in September increased slightly to 49.6%, up from 48.6%

XTIUSD Technical analysis today

WTI oil prices (XTIUSD) today are trading at around 78.06. Yesterday the price drew a bearish candle with a high of 79.19 and a low of 77.59. On the daily timeframe, oil prices move between the middle and lower band lines below the 80 price level.

Bollinger bands draw a fading descending channel with wide spacing reflecting a weakening downtrend despite high volatility.

MA 50 between the upper and middle bands draws a flat channel reflecting a sideways market.
On the other hand, the RSI indicator points to level 41, which means the price is moving below the downtrend level.

In the H1 timeframe, prices move within the range bands 79.00 and 77.80. The price is now moving near the lower band line. Here Bollinger bands draw a flat channel with narrowing bands reflecting a sideways market with reduced volatility.

The 50 MA near the upper band line is drawing a slight descending channel reflecting a weakening downtrend. Meanwhile, the RSI points to level 42, which means the price is moving below the downtrend level.

Support and resistance

In short-term trading, possible support is near the lower band around 77.73 and resistance near the upper band around 78.9

 

[fxoday]

Hello everyone, have a nice day, hope all members of the FPA community are doing well today.

Yesterday's FOMC meeting minutes resulted in the decision to keep the interest rate unchanged as the inflation target of 2% doesn't reached.

According to CNBC, the FOMC unanimously decided at the meeting to maintain its benchmark short-term lending rate at 5.25%-5.5%, the highest in 23 years since July 2023.
The meeting summary said "Participants observed that although inflation has declined over the past year, in recent months there has been a lack of further progress in achieving the Committee's goal of 2 percent. The recent monthly data had shown significant increases in components of goods and services price inflation."

The Fed may be looking for indications that inflation is fully on track to fall to 2% before any rate cuts. The Fed's hawkish stance has pushed the USD to strengthen and has an impact on financial markets including oil prices.

XTIUSD technical analysis today

Today's US crude oil price is below the price level of 80, yesterday the price moved down from a high of 78.30 to a low of 77.05 and drew a bearish candlestick with a small shadow on the top candle. It seems that the influence of geopolitical risks in the Middle East is starting to narrow and is not providing a boost to oil prices. On the other hand, increasing US oil supplies is an obstacle to market balance to bring oil prices up again.

US inflation is still below the Fed's target and high interest rates are also affecting the economy, thereby reducing oil demand. However, good news from China, which is experiencing economic recovery, could boost oil demand.

On D1 timeframe, US crude oil prices are now moving below the middle band line and trying to reach the lower band line which is the support zone.

Bollinger bands appear to be narrowing, indicating reduced market volatility.

MA 50 draws a flat channel near the upper band line reflecting a sideways market with a downward trend in the asset.

The RSI indicator points to level 37, meaning the price is moving below the downtrend level near the oversold zone.

On the H1 timeframe, US Crude oil prices move near the lower band line. Here it appears that the Bollinger bands are expanding and drawing a downward channel reflecting a downtrend with high volatility.

MA 50 is near the upper band drawing a descending channel which also indicates a market downtrend. Meanwhile, the RSI indicator points to level 39, which means the price is moving below the downtrend level.

Support and resistance

Refers to the dynamic lower band support at the price range of 75.53 and resistance refers to the upper band at the price range of 81.94. In the short term, the possible support zone at 76.40 refers to price history and the resistance is 78.36.

 

[fxoday]

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

Oil market today. The price of US crude oil is still trading below the price level of 80. Even though yesterday the price rose to a high of 78.52, it came under pressure and fell again to a low of 76.31. Price is now at 76.73.
According to Energy Information Administration data, US commercial crude oil inventories rose by 1.8 million barrels, this is contrary to forecasts from a survey conducted by Reuters which predicted a decline of 2.5 million barrels.

Geopolitical tensions and rumors of World War 3 may threaten the oil market, but so far the market seems to be ignoring geopolitical conditions.

On the other hand, the transition to green energy may also affect oil demand. There is news that Kazakhstan is joining the EU program to promote the green transition.

XTIUSD technical analysis today

Oil price is now moving near the lower band line on the D1 timeframe. The deflated Bollinger bands reflect reduced volatility in this timeframe.

Meanwhile, the 50 MA near the upper band draws a flat channel reflecting a sideways market transition signal.

While the RSI indicator points to level 35, the price moves below the downtrend level near the oversold zone.

On the H1 timeframe, US crude oil appears to be consolidating after falling yesterday from a high of 78.52 to a low of 76.31.

The price moves between the lower and middle band lines, while the Bollinger bands draw a flat channel with wide band spacing reflecting high market volatility in the price range.

MA 50 draws a descending channel above the middle band reflecting a market downtrend, while RSI points to level 41, the price moves below the downtrend level.

Support and resistance

The nearest support zone refers to the lower band line at around 75.80 and resistance refers to the middle band line at around 78.46 and 81.30 refers to the MA line.