fxoday
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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
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