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.