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Crude Oil WTI

Crude Oil bears attack key support despite upbeat OPEC+ verdictWTI Crude Oil prints a four-day losing streak while falling to over a week’s low early Monday. In doing so, the black gold fails to justify the OPEC+ decision to extend the supply cut agreement toward the end of 2024 and gradually withdraw it in 2025. It’s worth noting, however, that a four-month-old horizontal support zone surrounding $76.20-75.80 will join the nearly oversold RSI (14) line to challenge the energy bears afterward. Should the commodity drop beneath the stated key support region, the $74.20 might act as an intermediate halt during a southward trajectory targeting February’s bottom of near $71.40-35. Meanwhile, the Crude Oil recovery remains elusive unless the quote jumps back beyond the 61.8% Fibonacci retracement of February-April upside, near $77.60. Even so, a convergence of the 200-SMA and a two-month-old descending trend line, close to the $80.00 threshold, will be a tough nut to crack for buyers before taking control. In a case where the commodity prices remain firmer past $80.00, the odds of witnessing a gradual run-up toward the late April swing high, around $84.45, and then to the yearly peak of near $87.63, can’t be ruled out. Overall, Crude Oil ignores the latest bullish catalyst to approach an important support as energy traders now focus on US PMIs and NFP data.
FX:USOIL
by MTradingGlobal
Crude Oil AnalysisHello Friends, Hope you find doing well. As there are so up down in market now a days because of many reasons Elections, war, Global data, USDINR, DXY. So based on following all parameter i am trying to analysis crude oil price action, hope it helpful for all commodities trader. As we can see in chart it is making bullish flag pattern on 4hr timeframe. So we will se break out up side and we can make better position according. It may trigger by global data or by war declare. Plan your trade according your analysis. I do not recommended to do as i said. I just analysis chart pattern and data which make positive price action. Best of luck Regards.
FX:UKOILLong
by apstockanalysis
Crude Oil: Bullish Momentum ContinuesCrude Oil (MCX) Current Market Price: Approximately 7005 We have observed a significant bullish trend in crude oil over the past few weeks. Unfortunately, due to certain reasons, we were unable to provide updates during this period. Nevertheless, it is never too late to analyze the market. We remain optimistic about crude oil's prospects today. Crude oil has recently experienced a notable breakout, leading us to believe that it may reach levels of 7260 and 7590 in the coming days. For the time being, we will set our stop-loss at 6670, and upon reaching the levels of 6900-6910, we may consider adding positions. Stay tuned for further updates as the market progresses.
MCX:CRUDEOIL1!Long
by iamrk7
05 Apr - Nifty was Flat, BankNifty picked up momentum!Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “Now take a look at the 63mts chart, and see where the reversal came from ~ 22295 levels. That is the main reason why we said a stance change is required only if 22295 is broken and since we did not do that, we continue to remain bullish.” Nifty had no momentum today, but BankNifty had lots of it. Yesterday SPX & NDQ had a real down day and its spillover effects were visible during the opening minutes. We opened gap-down and then slowly recovered from that. There were no abrupt or wild movements for a change. That takes me to the next question, why did we really have a 300+ point fall yesterday? It was not because of RBI MPC, otherwise we would have passed the swing high. How many of you think it could be because of the worsening situation in the Middle East? Today was an inside day with no real momentum and that does not mean that we are not bullish. We will keep an eye on the Global macros, if the news about the War widening in scope both in Ukraine and Israel is true then it could really kill the optimism. Just before the macros worsen - GOLD prices go up. An escalation of tensions will shoot up the OIL prices as well. At present, we have both.
NSE:NIFTYLong
by viswaram