XTIUSD price analysis

[fxoday]

Hello everyone, have a nice day, I hope this Monday all traders are always healthy and full of happiness.

WTI oil prices are still trading around 77.50, up slightly by 0.03% on Monday at 77.57.
Friday's report on the University of Michigan's 5-year Consumer Inflation Expectations for May eased slightly to 3.0% from 3.1% forecast. This decline in inflation expectations supports investor sentiment regarding the potential interest rate cut by the Fed which is predicted by analysts at least in September.

Meanwhile, Iran's economic council led by Iran's interim president Mohammad Mokhber has approved a plan to increase the country's oil production from 3.6 million bpd to 4 million bpd according to Reuters.

Besides that, there is news that Aramco, Saudi Arabia's largest oil company, will prepare a share sale to raise around $10 billion in early June.

Today's US crude oil price analysis

Oil prices are still trading below last week's 80 price level, increasing US crude oil inventories and Fed officials who are still maintaining high interest rates are having an impact on oil.

On the daily timeframe, the price of US Crude oil is now moving below the middle band line. Here it appears that the Bollinger band is deflating, reflecting reduced volatility.

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

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

On the H1 timeframe, the price moves between the upper and middle band lines. Here the Bollinger bands draw expanding bands reflecting increased market volatility.

MA 50 near the middle band draws a flat channel below the price, reflecting a flat market with a tendency for prices to move above the uptrend line.

Meanwhile, the RSI indicator points to level 62, which means the price is moving above the uptrend level.

Support and resistance

The nearest target support refers to the lower band line at around 75.90 and resistance refers to the upper band line at around 78.23.

 

[fxoday]

Hello everyone, have a nice day, I hope all FPA community members are always healthy and happy

Looking at today's market On Monday oil prices showed recovery continuing Friday's gains. US crude oil rose from a low of 77.37 to a high of 78.58.

OPEC Secretary General Haitham Al Ghais forecasts global oil demand growth to show a strong increase of 1.8 million barrels per day year on year, with an average of 106.3 million barrels per day.

On the other hand, the Fed's policy of maintaining high interest rates is considered not good for oil because it reduces liquidity in the economy, which in turn reduces demand for oil.

Market speculation of the Fed's policy may lower interest rates at least in September. Policy makers want more time to get evidence that the 2% inflation target has been achieved as desired.

This week, investors will focus on the United States' core Personal Consumption Expenditure (PCE) price index data for April and the Eurozone's preliminary inflation data for May, which will influence speculation on interest rate cuts by the Fed and the European Central Bank (ECB ).

Analysts predict the ECB will start lowering its main lending interest rate in June.

XTIUSD technical analysis today

Today US crude oil rose 1.16% at 78.45, the price of oil fell to a low level of 76 on Friday last week but finally recovered to 77.86 before market closing. Oil prices continued their recovery on Monday and drew a long-body bullish candlestick with almost no shadow.

Now oil prices are moving near the middle band line on the D1 timeframe. This line is often a consolidation point. The Bollinger band appears to be deflating in this time frame, indicating reduced volatility or possibly a trend transition.

MA 50, which is a trend indicator, draws a flat channel above the upper band, reflecting a sideways market below the downtrend line.

On the other hand, the RSI indicator that is included in the oscillator indicator points to level 48, which means the price is moving below the downtrend level.

In the H1 time frame the price of US crude oil moves near the upper band line. The Bollinger band indicator expands drawing an upward channel reflecting a market uptrend with increasing volatility.

While the MA 50 indicator is drawing a flat channel near the lower band indicating a sideways market. On the other hand, the RSI indicator is pointing at level 75, alerting that the price is in the overbought zone which allows for a reversal.

Support and resistance

The price is now moving near the middle band which can be a resistance zone, a breakout of this level could lead oil price to rise to resistance near the 80 price level. Meanwhile, the support zone refers to the historical price in the range of the 76 price level.

 

[fxoday]

Hello everyone, have a nice day, I hope the FPA community members are always healthy and happy, full of prosperity.

Looking at today's oil price changes, US Crude oil fell slightly by 0.11% on the Tradingview chart at a price level of 79.91.

Oil prices continued their rise after consolidating near the middle band line. The price has now reached the upper band line, if occurring a break of this line indicates an extreme increase in volatility.

Despite oil's rising streak, investors may still be waiting for the OPEC+ meeting scheduled for June 2. This appears to offset the impact of easing speculation the Fed will lead to a rate cut at its September meeting.

Analysts warned that oil supplies could be reduced further if OPEC members continue with current cuts of two million barrels per day. This will increase oil prices due to concerns about supply in an already tight market.

On the other hand, the Fed's forecast to reduce interest rates begins to decrease, predicting that the US central bank will begin to reduce loan interest rates in the last quarter of this year.

This week, focus investors on the US core Personal Consumption Expenditure (PCE) Price Index data for April, which will be published on Friday.

XTIUSD Technical analysis today

Oil prices rose three days in a row from a low of 76.00 to now a high of 79.91.
After oil prices successfully crosses the middle band line, prices continued to rise to reach the upper band line.

On the D1 timeframe, oil prices are now moving near the upper band line, a break of this level could lead the price to rise closer to the MA 50 line in the range of 81.00.

The Bollinger band still appears to be deflated, reflecting reduced volatility or the possibility of a trend transition.

MA 50 above the upper band may act as dynamic resistance amidst a downtrend market, now the MA line is drawing a flat channel. On the other hand, the RSI points to level 53, which means the price is above the uptrend level.

In the H1 time frame, the rally weakened slightly, marked by a bearish candlestick appearing near the upper band line. Here the Bollinger bands draw expanding bands reflecting high volatility.

The price is now moving near the upper band line. While the 50 MA crosses the lower band line drawing an ascending channel reflecting strong bullish momentum.

The RSI indicator points to level 78, warning that the price is now in the overbought zone which allows retracement or reversal.

Support and resistance

Oil prices have reached the price level of 80.06, a breakout of this price level could bring oil prices to find new resistance around the 81 price level. Meanwhile, the support level refers to the middle band around 78 price levels, and lower near the lower band around 76.

 

[fxoday]

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

US Crude oil prices fell yesterday from a high of 80.38 to a low of 78.79. It seems that oil prices are still having difficulty maintaining the price level of 80, which is a psychological level near the upper band line.

Some analysts estimate that the decline in oil prices was associated with hawkish comments from Minneapolis Fed President Neel Kashari, who predicted there was a chance of an increase in the Fed's interest rate. High interest rates can hinder economic growth and reduce oil demand.

Data from CME FedWatch shows there is a decrease in the chance that the central bank will lower interest rates from the previous 57.5% down to 46%, reflecting investor confidence that the FED will lower interest rates is starting to fade.

However, on the other hand, the market will still be waiting for the OPEC+ meeting which will be held on June 2, which will likely maintain the policy of limiting production to support crude oil prices.

[size]XTIUSD technical analysis today[/size]

Today's US Crude oil price is moving between the upper and middle band lines on D1 timeframe.
The Bollinger band line deflates in this time frame reflecting reduced volatility which may signal a trend transition or possibly a sideways market.

MA 50 above the upper band draws a flat channel in this time frame indicating a sideways market.
The RSI indicator shows level 49, which means the price is moving slightly below the downtrend level.

In the H1 timeframe, the decline in oil prices began to fade marked by candlesticks drawing a consolidation pattern.

Now the price is still moving between the middle and lower band lines. The Bollinger band indicator expands in this timeframe reflecting increased volatility.

MA 50 is slightly above the price below the middle band line drawing a flat channel reflecting a sideways or trend transition.

On the other hand, the RSI points to level 44, which means the price is moving below the downtrend level, the rising line indicates the price may rise again.

Support and resistance

The price is currently moving in the support zone referring to the lower band line. A break of the low price level of 78.80 allows oil to go looking for new support.

The resistance level referring to the middle band line in the short term is estimated at 79.51. If further increases occur it may find resistance in the 80 range.

 

[fxoday]

Hello everyone, have a nice day, On Friday it is expected that the market will be more active before the market closes.

US crude oil prices continued their previous price decline and reached a low of 78.79 yesterday. Even though it had reached the price level of 80.38 on the previous day, it did not last long and oil fell again to levels below 80.

Analysts estimate this decline was due to sluggish demand because rising bond yields meant the Fed might delay reducing interest rates, and another reason was weak US GDP which reflected the US's declining performance.

Other news about oil that may be a market driver. Saudi Arabia's largest oil company Aramco plans to launch a secondary public offering (SPO) of 1.545 billion ordinary shares, which represents around 0.64% of the company's issued shares. This offer will start on Sunday, June 2, 2024.

In other news that may be the reason for the drop in oil prices, bond traders say they are fed up with all this US debt issuance and are demanding more yield before buying. With initial cuts for 2024 in doubt, markets are concerned that customers will not be able to consume and spend as much as they do now, meaning Oil demand will decline. This leads to lower prices in these conditions.

Today, Friday, the market is waiting for the release of the PCE core index, which is an important tool for measuring US inflation to determine the direction of the Fed's policy for the next steps in interest rate policy.

XTIUSD Technical analysis today

Oil prices yesterday drew a bearish candlestick with a high of 79.15 and a low of 77.46. Oil prices managed to break through the upper band on Wednesday but fell again after reaching a high of 80.38.
On D1 the Bollinger band indicator appears to start drawing a flat channel with the band deflating reflecting a sideways market with reduced volatility.

The 50 MA above the price draws a flat channel reflecting a sideways market in the long term with a tendency for prices to be under pressure.

Meanwhile, the RSI points to level 43, which means the price is below the downtrend level.

In the H1 time frame, the price moves near the lower band with a bearish pattern. Bollinger bands appear to expand in this time frame reflecting increased volatility.

The 50 MA below the upper band appears to be starting to draw a descending channel reflecting a signal with bearish momentum.

The RSI indicator is pointing to level 31 trying to get out of the oversold zone.

Support and resistance

Oil prices may now be in the support zone, referring to prices near the lower band line and the RSI pointing to the oversold zone level. However, if there is a further breakout, oil can find new support at around 76 price levels. Meanwhile, resistance in the near term is based on the middle band line in the range of 78.21 and 79.40.

 

[fxoday]

Hello everyone, have a nice day, Monday has come, the market is active again, and all traders hope to profit from existing trading opportunities.

US crude oil prices are now around 77.26, prices have risen from a low of 76.19. This increase may have been triggered by the OPEC+ meeting which was held virtually on June 2. I have not yet obtained any information about the results of the OPEC+ meeting, but from a series of previous news, several countries including Saudi Arabia and Russia said they would cut production further to support rising prices. fluctuates.

Giovanni Staunovo, an analyst at UBS, told AFP that "the eight member states that made voluntary production cuts are likely to extend them."

XTIUSD technical analysis today

Oil prices have now risen around 0.45% on Monday when they opened at 76.72, the price fell to a low of 76.19 before finally rising above 77.19.

On the D1 timeframe, oil prices move near the lower band line. This could be a support zone for oil. Bollinger bands appear to be deflating in this time frame and drawing a flat channel reflecting a flat market.
The MA 50 above the upper band also draws a flat channel reflecting a sideways market
And the RSI points to level 42, meaning the price is below the downtrend level.

On the H1 timeframe, US crude oil prices draw a reversal pattern visible in the morning star candle. The price is now near the middle band line.

Bollinger bands appear to expand in this time frame reflecting increased volatility. Meanwhile, the MA 50 near the upper band line is drawing a descending channel indicating a downtrend signal.
RSI is now pointing at level 46 trying to stay away from the oversold zone by drawing an ascending channel

Support and resistance

Based on price history, prices are now near the demand zone, which reflects the support zone, this has the potential for oil prices to rise, but a break of the low level of 76 allows prices to form a new zone.
Price resistance is in the range of 78.12 in the short term and 80.00 in the long term.

 

[fxoday]

Hello everyone, have a nice day, hope all traders are doing well and profitable as always

Today's US crude oil price continued its decline and hit a low of 73.68. The oil market still seems sluggish even though OPEC+ agreed at its meeting on June 2 to extend voluntary oil production cuts until 2025.

Goldman Sachs managing director and head of research, Daan Struyven, said in a note that the outcome of the OPEC+ meeting was bearish due to the decision to return supply to the market despite the recent surprise increase in inventories. Risks for oil prices are currently skewed to the downside. Oil prices plummeted on Monday and failed to maintain support at 76 price level.

Even though OPEC+ has agreed to cut oil output, it seems that the market is not too enthusiastic about responding, on the contrary, many analysts predict that the bearish side is more likely to dominate.

OPEC+ will probably prepare for the Fed's interest rate which will sooner or later cut interest rates. The CME FedWatch tool shows the odds of a Fed cut in September increasing from 55% to 59% after the ISM manufacturing data release.

XTIUSD technical analysis today

We see that the price of US crude oil is now at 73.87 and yesterday the price drew a bearish candlestick with a long body, reflecting strong bearishness.

From price history, oil fell after being unable to maintain the support level of 76, the price broke the lower band and exited the band reflecting the strength of the price decline.

On D1, the Bollinger band line appears to expand, reflecting sharply increasing market volatility. The 50 MA above the price is starting to draw a slight descending channel indicating bearish momentum.
Meanwhile, the RSI is currently pointing at level 32, the price is near the oversold zone.

On the H1 timeframe, it appears that the decline is starting to weaken as seen from the price which is drawing a small horizontal candlestick.
MA 50 above the middle band draws a descending channel indicating downtrend momentum.
The RSI indicator pointing to level 22 provides an alert that the price is now in the oversold zone.

Support and resistance

Looking at price history, the support range is at the 71.00 price level which became a low on February 5 and resistance is estimated to be near the breakout point at the 76 price level.

 

[fxoday]

Hello everyone, have a nice day, hope all traders are doing well today and are profitable as always.

WTI oil prices were detected continuing to decline yesterday to a low position of 72.42. This consecutive decline occurred on May 29 and successfully broke the psychological level of 76 price levels.

According to Oilprice, the decline in oil was due to the API (The American Petroleum Institute) report which surprisingly experienced an increase in inventories. Crude oil inventories in the United States rose this week by 4.052 million barrels for the week ending May 24, while analyst forecasts were only 1.9 million barrels.

The oil market is also thought to be sluggish and anxious to digest what OPEC+ plans to gradually increase production while extending voluntary production cuts for 8 members until 2025

Meanwhile, the weak United States (US) ISM Manufacturing PMI has also raised concerns over the outlook for oil demand. The US Manufacturing PMI report showed that factory activity contracted for the second consecutive month in May.

Investors this week will next focus on ADP Non-Farm Employment Change data today and Non-Farm Employment Change on Friday

XTIUSD technical analysis today

WTI oil prices have experienced consecutive declines since May 29 after the price reached a high of 80.38. After that, oil prices continued to decline in the following days until now reaching a low of 72.42.

On the daily timeframe, oil prices move outside the lower band line, indicating a strong downtrend is occurring in oil. Bollinger bands expand sharply reflecting volatility increasing very high.

The 50 MA indicator above the price near the upper band line draws a transition channel from up to down. Prices that are moving further away from the MA line reflect strong bearish momentum.

On the other hand, the indicator points to level 28, giving an alert that the price is now in the oversold zone which allows for a pullback or reversal.

The price of WTI oil in the H1 timeframe shows that the price is now moving near the lower band line. Here the Bollinger band line draws a descending channel with the band deflating reflecting a downtrending market with reduced volatility.

MA 50 above the upper band line draws a descending channel reflecting a downtrend signal with strong momentum in the direction of price which is increasingly moving away from the line.
While the RSI indicator is pointing at level 32, which means the price is slightly above the oversold zone, the line that is pointing down is an indication that it will enter the oversold zone again.

Support and resistance

Oil prices are now near the low point on February 5 near 71.42 which allows the next support at the 71 price level. Meanwhile, oil resistance is estimated at around 76 price level which is the previous psychological level.

 

[fxoday]

Hello everyone, have a nice day, I hope all FPA Community members are always healthy and live a life full of blessings

Today back to monitoring oil prices, now WTI oil is in the price range of 74.26, up 0.34% from the opening. Oil prices are expected to strengthen due to expectations, as mixed US data, fuels speculation of an interest rate cut by the Fed.

According to a survey by Reuters almost two-thirds of economists currently predict a rate cut in September.

CME FedWatch Tool data has shown the probability of the Fed cutting interest rates in September by at least 25 basis points has increased to nearly 70.0%, up from 47.5% in the previous week.

On the other hand, Standard Chartered believes that oil prices are too low as a consequence of market domination by a combination of extreme macroeconomic pessimism, this is the reason even though the OPEC+ agreement provides a positive price for oil.

XTIUSD technical analysis today

The price of WTI oil has risen to the price level of 74.23. Yesterday oil drew a bullish candlestick reflecting rising oil prices after plunging at a low of 72.42.

On the D1 timeframe, oil prices returned to the Bollinger band after previously breaking out due to a sharp price decline. Here the Bollinger bands are still drawing wide band spacing even though the lines are starting to look conical.

MA 50 below the upper band line draws a slight descending channel reflecting the price moving in the downtrend area.

The RSI indicator has come out of the oversold zone and is pointing at level 36 which is drawing a slight upward channel reflecting a retrace or reversal signal.

On H1 timeframe, oil prices are slowly drawing an upward channel that is starting to weaken. Bollinger bands in this time frame draw a slight upward channel with slightly expanding bands reflecting bullish sentiment with medium volatility.

MA 50 below the middle band draws a flat channel giving a sideways signal or a possible trend transition from bearish to bullish.

On the other hand, the RSI indicator points to level 65, slightly below the overbought level, still indicating that the price is above the uptrend level

Support and resistance

In the short term, it is estimated that there will be a decrease in the support target based on historical price at roughly 72.50. For the bullish scenario, it is estimated that the closest resistance is in the breakout area which is the psychological oil level at price level 76.

 

[fxoday]

Hello everyone, have a nice day, I hope all FPA community members are always healthy and full of blessings

The price of US crude oil is now at around 75.48, oil prices rose after the ECB yesterday cut interest rates, indicating that inflation has been controlled according to the target.

The ECB cut its benchmark interest rate by 25 basis points to 4.25% from 4.5% at its meeting last Thursday, June 6, this is the first cut since 2019.

ECB President Christine Lagarde said the decision to cut the ECB's three key interest rates by 25 basis points was based on the latest assessment of the inflation outlook.

Yesterday oil prices continued their increase and reached a high of 75.54 before the price of WTI oil fell to a low level of 72.42 on June 4.

On the other hand, the level of expectation that the Fed will cut interest rates in September is also getting higher. Lower interest rates could trigger demand for oil again.

Meanwhile, Saudi Energy Minister Prince Abdulaziz bin Salman reiterated that the OPEC deal on Sunday, like other OPEC+ deals, maintains the option to pause or reverse production changes if necessary

XTIUSD technical analysis today

WTI oil posted two days of gains after the previous week's long decline. WTI oil price is now moving between the middle and lower band lines on the D1 timeframe.

The Bollinger band still draws a wide band even though the price has entered the band again after the price was outside the band.

MA 50 below the upper band line is still drawing a slight descending channel which reflects a downtrend signal. Meanwhile, the RSI indicator points to level 41, which means the price is still below the downtrend level.

On the H1 timeframe, Oil prices are near the upper band line in this timeframe. Here the Bollinger bands draw an ascending channel and the expanding bands reflect the increase in volatility in the short term.

The 50 MA above the lower band has drawn a slight upward channel signaling bullish momentum.

The RSI indicator points to level 68, which means oil prices are above the uptrend level near the overbought level zone.

Support and resistance

The support zone is based on price history near the lower band at around 72.40, and resistance is near the middle band at around 78.00 price level.

Meanwhile, in the short term, support is estimated at 74.06 and currently oil is in the resistance zone at 75.80.