#WTI CRUDE OIL Technical Analysis

[accapitalmarket]

Crude oil continues to edge higher, Dollar above 200 SMA

Crude prices stabilized Monday after the previous week’s positive tone on signs of stronger oil products demand in the U.S., world's largest consumer.

Both WTI and Brent gained around 3% last week after data from the Energy Information Administration showed a hefty drawdown in U.S. crude stockpiles, pointing to healthy demand as the summer driving season kicks into top gear.

USOIL H1

The market also received support from worsening geopolitical conditions as the risk of an all-out war between Israel and Hezbollah, as an extension of the conflict with Hamas rises, playing into expectations of supply disruptions in the Middle East.

Continued clashes between Russia and Ukraine, with Kyiv targeting major Russian refineries, also spurred concerns over supply disruptions.

Furthermore, the hope for a summertime uptick in fuel demand for cooling and travel purposes could further support WTI prices.

On the other hand, the stronger US Dollar (USD) after the US S&P PMI data for June and the hawkish stance of Federal Reserve (Fed) officials is likely to support the black gold.

Crude Oil Technical Analysis

Crude oil price trades positively to start testing 81.50$ level, the price needs to break this level to reinforce the expectations of continuing the bullish trend for the upcoming sessions, reminding you that our waited targets begin at 82.25$ followed by 83.90$.

UKOIL H1

The bullish channel continues to organize the suggested bullish wave, which will remain valid conditioned by the price stability above 80.80$.

Expected Trading Range between 79.70$ support and 82.70$ resistance.

DXY H1

In the meantime, the USD index (DXY), which measures the strength of dollar against a basket of currencies, also remained strong and hovered around the 200-day SMA.

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[akshat-kapoor]

Understanding ONGC Share Price: Insights and Analysis

Oil and Natural Gas Corporation Limited (ONGC) is a cornerstone in India's energy sector, renowned for its role in exploration, production, and refining of oil and natural gas. Monitoring ONGC share price is crucial for investors looking to capitalize on opportunities in the energy market. Here’s an insightful analysis of factors influencing ONGC share price dynamics:

1. Economic Indicators and Global Oil Prices: ONGC, being a major player in the oil industry, is significantly affected by global oil prices. Movements in crude oil benchmarks like Brent and WTI directly impact ONGC’s revenue and profitability. Investors keenly observe economic indicators, geopolitical events, and OPEC decisions that influence oil prices, thereby affecting ONGC share price.

2. Financial Performance and Earnings Reports: Quarterly financial results and annual earnings reports play a pivotal role in ONGC share price movements. Key metrics such as revenue growth, net profit margins, and production figures are closely scrutinized by analysts and investors. Positive earnings surprises or operational efficiencies often lead to upward adjustments in ONGC’s share price.

3. Government Policies and Regulatory Environment: As a state-owned enterprise, ONGC is subject to government policies and regulatory changes in the energy sector. Policy decisions on subsidies, taxation, and exploration rights can impact ONGC’s profitability and strategic initiatives, thereby influencing its share price.

4. Technological Advancements and Operational Efficiency: ONGC’s adoption of advanced technologies in exploration and production processes enhances operational efficiency and cost-effectiveness. Innovations in drilling techniques, reservoir management, and environmental sustainability initiatives can positively impact investor sentiment and contribute to share price appreciation.

5. Market Sentiment and Investor Confidence: Overall market sentiment, investor confidence in the energy sector, and broader economic conditions also influence ONGC share price. Positive sentiment towards energy stocks, favorable industry trends, and investor perception of ONGC’s strategic direction can drive buying interest and support share price growth.

Investment Considerations: Investors considering ONGC shares should conduct thorough research, monitor industry trends, and assess macroeconomic factors influencing oil prices. Utilizing financial tools such as price-to-earnings ratios, dividend yield analysis, and technical indicators can aid in making informed investment decisions.

In conclusion, understanding ONGC share price requires a holistic approach that integrates economic trends, financial performance, regulatory landscapes, and investor sentiment. By staying informed and proactive, investors can navigate the complexities of the energy market and capitalize on opportunities presented by ONGC’s strategic position in India’s oil and gas industry.

[gambitaibot]

Crude Oil Dips as US Dollar Steadies with a Pending Debt Deal Vote. Where to for WTI?

Crude Oil, WTI, Brent, US Dollar, Debt Deal, T-Bills, AUD/USD, USD/JPY — Talking Points

The crude oil price retreated inside the range today after trying higher

The debt ceiling deal appears to be heading in the right direction for a resolution

US Dollar movements might determine crude direction. Will a debt deal undermine USD?

The crude oil price slipped on Tuesday but remains within a range despite the prospect of the debt ceiling issue being resolved this week.

It is being reported that US President Joe Biden and House Speaker Kevin McCarthy are actively encouraging lawmakers to vote in favour of the debt ceiling agreement when it is presented to the floor on Wednesday.

Markets have breathed a sigh of relief, most notably at the very short end of the debt market. The T-Bill maturing on the 6th of June is back to where it was prior to the debt ceiling concern alarming markets. It traded as high as 7.10% last week but it is around 5.15% today.

The US Dollar has steadied so far today and has made ground against the Aussie and Kiwi Dollars.

Australian building approvals for April were a big miss at -8.1% month-on-month while Japan’s jobless rate eased lower to 2.6% for the same month, down from 2.8% prior and estimates of 2.7%.

Bank of Japan Governor Kazuo Ueda appeared before Parliament today and said that the ultra-loose monetary policy stance will remain for now but hinted toward a change in tack if inflation was to fall toward 2% later this year.

USD/JPY has pulled back from yesterday’s 6-month peak, trading near 140 at the time of going to print.

The geopolitical space remains somewhat murky this week with China declining an invitation from Washington for their respective defence ministers to meet.

APAC equity indices are generally in the red although South Korea’s KOSPI index is in the green. Wall Street futures are pointing toward a slightly positive start to their cash session as they return from yesterday’s Memorial Day holiday.

Crude oil market traders are starting to focus on the OPEC+ meeting that will start on June 4th.

There have been some mixed messages from member states but there is speculation that another cut in production might be in the offering. When they cut in early April, the oil price gapped higher. See the chart below.

Today, the WTI futures contract is under US$ 72.50 bbl while the Brent contract is a touch above US$ 76.50 bbl. Elsewhere, spot gold is slightly softer, trading near US$ 1,940.

Looking ahead, after Swiss GDP figures, the Eurozone and the US will see consumer confidence data.

The full economic calendar can be viewed here.\

WTI TECHNICAL ANALYSIS

WTI crude oil has remained in a 69.41–74.73 range for three weeks which is well within the broader range seen over the last six months.

This range trading environment has been tricky for traders with several false breaks. That is when a new high or low is made, only for the price to abruptly move back inside the range.

Created — TradingView, Written by Daniel McCarthy & Daily FX

— — Written by Daniel McCarthy, Strategist for Daily FX

[capital-streetfx]

Technical Analysis Report Today | Forex News – 10 May 2021 | Capital Street Fx

Technical Analysis Report Today | Forex News – 10 May 2021 | Capital Street Fx

ASIAN MARKET:- Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.31% to 3,408.86. Hong Kong’s Hang Seng Index was down about 0.51% to 28,490.75. Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.49 per cent at 29,502.63 on Monday , while the  Australian Index S&P / ASX 200 rose 0.95 per cent to 7,154.71. South Korea’s Kospi was up by1.66% to…

[claramellor]

WTI Crude Oil Forecast: Market Continues to Rally

WTI Crude Oil Forecast: Market Continues to Rally

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Friday, as we have now cleared the $57.50 level. This was an area that I thought was going to cause some issues, and now that we have popped through it, even if it was just for a moment, it shows that we continue to see plenty of buying opportunities. We are a little bit overdone at this point, but I think…

[starseedfxofficial]

Mastering the CAD/JPY on the 4-Hour Timeframe: Your Hidden Edge The Canadian Dollar (CAD) versus the Japanese Yen (JPY) is like the indie movie of Forex—often overlooked but full of hidden brilliance for those who know where to look. Trading CAD/JPY on the 4-hour timeframe is the sweet spot between speed and strategy, making it perfect for traders looking to avoid the whiplash of minute-by-minute charts while staying nimble enough to catch mid-term trends. Why the 4-Hour Timeframe? Let’s kick off with why the 4-hour chart is the Goldilocks of Forex trading. Think of it as the perfect pair of jeans—not too tight, not too loose, just right. It smooths out market noise, provides actionable signals, and respects your sleep schedule (because no one’s at their best after a sleepless night chasing pips). "You’re Overthinking It": The Secret Sauce of CAD/JPY Traders often get stuck thinking every trade needs to be a masterpiece. But CAD/JPY thrives on simplicity. Why? This pair is influenced by oil prices (for CAD) and safe-haven flows (for JPY). Combine those with the 4-hour timeframe, and you’re cooking with gas—or oil, in this case. Quick Pro Tip: Keep an eye on WTI crude oil prices and risk sentiment in global markets. If oil’s on a tear and equity markets are partying, CAD tends to gain against JPY. Conversely, when markets hit the panic button, JPY’s safe-haven appeal kicks in. Advanced Strategy #1: The "Golden Pullback Play" Ever heard of the 61.8% Fibonacci retracement? It’s like the VIP lounge of trading levels—exclusive, reliable, and worth targeting. Here’s how to use it on CAD/JPY: - Identify a strong upward or downward trend on the 4-hour chart. - Wait for a pullback to the 61.8% retracement level (golden ratio). - Confirm the setup with a candlestick pattern like a hammer or engulfing candle. - Use a tight stop loss below the pattern’s low and aim for a 2:1 reward-to-risk ratio. Case Study: In June 2024, CAD/JPY bounced off the 61.8% level during a risk-on rally. Traders who spotted the pattern and entered saw a 120-pip gain within 48 hours. Don’t miss these golden opportunities! Why Most Traders Get CAD/JPY Wrong (And How to Outsmart Them) The biggest mistake? Ignoring the news. CAD/JPY moves like a teenager’s mood swings during central bank announcements or major oil price changes. Stay ahead with tools like an economic calendar and set alerts for key events. Insider Tip: Avoid trading during the 15 minutes leading up to and after major economic reports. The volatility is like trying to tame a wild bull in a china shop—chaotic and dangerous. Advanced Strategy #2: The RSI Divergence Ninja Tactic RSI divergences are the secret weapon of seasoned traders. Here’s how you can use them: - Plot RSI (14) on your 4-hour CAD/JPY chart. - Look for divergence between RSI and price action (e.g., price makes a higher high, but RSI makes a lower high). - Use this as a signal to prepare for a potential reversal. - Enter once a confirmation candle forms and set your stop just beyond the recent swing high/low. Example: During a CAD/JPY downtrend in October 2024, RSI divergence signaled a reversal, leading to a 100-pip upward correction. Ninja-level precision, anyone? Bonus Hacks for CAD/JPY Mastery - Track Central Bank Policies: Keep tabs on the Bank of Canada (BoC) and the Bank of Japan (BoJ). Policy changes are like plot twists in your favorite drama—unexpected and market-moving. - Pair Fundamentals with Technicals: Use technical setups (like Fibonacci or RSI) alongside fundamental analysis for a double-layered approach. Think of it as wearing a seatbelt and an airbag—extra safety and confidence. - Leverage Smart Trading Tools: Automated lot size calculators and trade journals can optimize your performance. Check out tools at StarseedFX Smart Trading Tool. Wrap-Up: Trade Smarter, Not Harder Trading CAD/JPY on the 4-hour chart offers a perfect balance of strategy and flexibility. By focusing on insider techniques like Fibonacci pullbacks and RSI divergence, you can outsmart the crowd and capitalize on hidden opportunities. Ready to level up your trading game? Join our StarseedFX Community for daily alerts, elite tactics, and a supportive network of Forex ninjas like you. Summary of Key Tactics: - Use the 4-hour timeframe for smoother signals and manageable trading hours. - Pair oil price movements and risk sentiment for CAD/JPY insights. - Apply the 61.8% Fibonacci retracement for high-probability entries. - Use RSI divergence for ninja-level reversal predictions. - Combine technical analysis with fundamentals for a holistic approach. Trade wisely and don’t forget: the market rewards those who prepare. Happy trading! —————– Image Credits: Cover image at the top is AI-generated Read the full article

[goldsilverreports]

WTI stays above $82.00 ahead of EIA Inventories | Neal Bhai

WTI stays above $82.00 ahead of EIA Inventories | Neal Bhai

WTI holds onto the recent gains near $82.40, up 0.05% intraday, during a quiet Asian session on Wednesday. The oil benchmark cheered the US dollar weakness and upbeat sentiment to ward off the bearish inventory levels published by industry sources the previous day. The latest moves, however, await the official stockpile data for further direction. (more…)

[forextraderpost]

Markets Week Ahead: S&P 500, US Dollar, Fed, Stimulus, British Pound, Brexit, Gold

This past week ended with the VIX ‘fear gauge’ rising the most since the end of October as global equities experienced a cautious pullback. The S&P 500, DAX 30 and Nikkei 225 aimed lower. Could this be setting a sour tone for financial markets heading into 2021? Treasury yields on the longer-dated spectrum declined, signaling fading optimism on longer-term growth prospects.

Looking at currencies, the growth-linked Australian Dollar still managed to outperform, likely boosted by Chinese demand for iron ore from Down Under. This is as the British Pound declined, experiencing the worst week on average since early September. Sterling’s woes can be traced to dimming prospects of a Brexit deal, as made apparent by UK Prime Minister Boris Johnson.

The US Dollar continues to weaken, and that has been a boon to commodities such as copper and crude oil. Covid vaccine prospects are likely benefiting the latter with anticipation of a steady increase in general travel. Yet, anti-fiat gold prices are struggling to capitalize on greenback declines, signaling underlying weakness despite a parallel drop in US real yields.

After the UK became the first western nation to begin rolling out a coronavirus vaccine, the US was poised to follow after the FDA recommended the approval of Pfizer’s and BioNTech’s product. The anticipation of immunization may have kept US consumer sentiment upbeat this past week, despite ongoing roadblocks to a $900 billion bipartisan fiscal package.

Republicans push for employer liability protections continued to clash with Democrat wishes for state and local government aid. Outside of fiscal affairs, keep a close eye on central banks such as the Fed, BoE and BoJ for their economic outlooks and views on unconventional policy. New Zealand releases third-quarter GDP, Australia reports the latest jobs report. What else is ahead?

Fundamental Forecasts:

Crude Oil Prices May Extend Gains as Investors Eye OPEC JMMC Meeting

Crude oil prices may continue to push higher on the back of positive vaccine news, a pickup in global demand and the moderate easing of OPEC+ output cuts.

Gold Price Boosted by Risk-Off Move, US Dollar May Hinder XAUUSD Rally Next Week

Gold is currently pushing ahead as financial markets take a sharp risk-off turn ahead of the weekend. Next week, the US dollar may weigh on this move.

US Dollar Outlook Hinges on Federal Reserve Interest Rate Decision

The Federal Reserve’s last meeting for 2020 may shake up the near-term outlook for the US Dollar with the bank slated to update the Summary of Economic Projections (SEP).

Dow Jones, Nasdaq 100, DAX 30, FTSE 100 Forecasts for the Week Ahead

The Dow Jones and Nasdaq 100 remain near record levels ahead of next week’s Fed meeting where slight modifications to the current framework are expected. The FTSE 100 will look to Brexit news.

GBP/USD Weekly Forecast: Sterling on High Alert for Sunday Showdown

GBP Implodes, Option Volatility Explodes. No-Deal Brexit Risks Heightened.

Technical Forecasts:

British Pound Forecast: Sterling Slammed – GBP/USD Seeks Support

Dollar was weak but Sterling was even weaker with a massive weekly reversal in GBP/USD off multi-year highs. Here are the levels that matter on the Pound weekly chart.

Nasdaq 100 Bullish Trend Remains Intact Despite Short-Term Pullback

The Nasdaq 100 appears to have entered a brief technical correction after hitting an all-time high. The overall bullish trend remains intact but upward momentum appears to be fading.

Mexican Peso Technical Forecast: USD/MXN Takes a Breather, Path of Least Resistance Still Lower

USD/MXN manages to push above the 20-mark but finds strong resistance at key Fibonacci level

AUD/USD Technical Outlook – Australian Dollar May Experience Setback vs US Dollar

The move higher in Aussie may at the least pause in the coming week as the trend becomes extended; short-term technical structure to wat

Crude Oil Price Outlook: Will WTI Rise into 2021? Technical Signals Mixed

Crude oil prices pushed higher this past week, but conflicting technical signals hint to proceed with caution. What is the technical road ahead for WTI into the end of this year?

Euro Technical Analysis: EUR/USD, EUR/JPY Battle at Big Resistance

The Euro was in the spotlight for Thursday’s ECB rate decision. But both EUR/USD and EUR/JPY put in Dojis for the week after running into big areas of resistance.

Weekly US Dollar Technical Forecast: DXY Index Bears Down Major Technical Damage

The DXY Index has sustained major technical damage in recent weeks, having broken through the rising trendline from the April 2011 and February 2018 lows.

Gold Technical Forecast: XAU/USD Approaches Key Chart Levels

Gold ended the week nearly unchanged after bulls failed to break through descending channel resistance. Now, XAU/USD finds itself between two key levels as longer-term technicals move into focus.

US DOLLAR WEEKLY PERFORMANCE AGAINST CURRENCIES AND GOLD

The post Markets Week Ahead: S&P 500, US Dollar, Fed, Stimulus, British Pound, Brexit, Gold appeared first on Forex Trader Post.

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[ankitjainofficial]

WTI Crude Oil Price & Natural Gas Price Live Today | OPEC MEETING TRADE -Analysis & Trading Strategy

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[tradinglevelsnpatterns]

Crude WTI Oil Technical Analysis & Forecast. Crudeoil Scalping & trading Levels and Setup. #trading #crude #crudeoil #forex #forextrading #daytrading #forexanalysis

[hbclife]

Crude Oil (WTI) Whipsaws Around Key Level as Fundamental Drivers Clash

Crude Oil (WTI) Whipsaws Around Key Level as Fundamental Drivers Clash

Oil (US Crude) Analysis Saudi, Iran reaffirm support of OPEC+ production cuts EU nations oppose current proposed Russia oil price cap with the Dec 5th deadline fast approaching US crude oil technical considerations: key zone of support acts as a tripwire for a bearish continuation but also a possible bullish bounce. The analysis in this article makes use of chart patterns and key support and…

[gambitaibot]

US Dollar, DXY Index, USD, Treasury Yields, Debt Ceiling, Crude Oil — Talking Points

The US Dollar might get a jolt this week on a debt debacle resolution

Treasury yields remain robust and equity markets have been given a small boost

If the need for a haven currency diminishes, where will that leave USD?

The US Dollar is steady at the start of the week as markets digest the possibility of a debt ceiling deal being passed by Congress this week.

Over the weekend, US President Joe Biden and House Speaker Kevin McCarthy both said that the two of them have come to an agreement and it will be voted on in the next few days.

Both sides appear to have compromised in order to avoid a default for the US. Treasury has said that they could run out of cash by June 5th if the ceiling wasn’t lifted in time.

Written by Daniel McCarthy, Strategist for Daily-FX

The resolution of the debt ceiling issue might be seen as negative for the US Dollar due to perceptions that it had been bought as a haven asset. However, Treasury yields have also been heading north with the 1-year bond touched 5.30% on Friday, almost 130 basis points up from its March low.

Wall Street futures are pointing slightly higher after the main indices posted stellar gains on Friday after some encouraging economic data. Most notably, durable goods orders, personal spending and consumer sentiment all beat estimates. The full breakdown can be found here.

APAC equities have been mixed but are mostly in the green and crude oil has recovered today after tumbling to close out last week. The WTI futures contract is back over US$ 73 bbl while the Brent contract is near US$ 77.50 bbl. Gold is struggling to start the week, trading near the 2-month low under US$ 1,950.

It might be a quiet trading day ahead with the UK, Switzerland and the US on holiday today.

The full economic calendar can be viewed here.

DXY (USD) INDEX TECHNICAL ANALYSIS

The DXY index appears to have created a Doji candlestick on Friday, which may indicate market indecision about direction.

Since breaking above a descending trend line, the price has been on a bullish run to mark an 11-week high. Resistance might be at the 76.4% Fibonacci Retracement at 104.79.

Chart created in TradingView

[capital-streetfx]

Forex News | Technical Analysis Report – 19 February 2021 | Capital Street FX

Asian stocks pulled back from all-time peaks on Friday. The Shanghai composite is up 0.30% at 3,686.31. Overall, the Singapore MSCI down 0.86% at 330.05. Over in Hong Kong, the Hang Seng Index down 0.03% to 30,431. In Japan, the Nikkei 225 down 0.89% at 29,960, while the Topix index is down 0.93% at 1926.0. South Korea’s Kospi up 0.57% to 3104.49. Australia S&P/ASX 200 down 1.34% at 6793.8.

European equities Thursday closing. The DAX futures contract in Germany traded 0.16% down at 13886.93, CAC 40 futures down 0.65% at 5728.3 and the UK 100 futures contract in the U.K. down 1.40% at 6,617.2.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.38% down at 31493.3 the S&P 500 down 0.44% to 3914.0 and the Nasdaq 100 down 0.16% at 13622.2, NYSE closes at 15290.63 down 0.73%.

In the Forex market, GBPUSD up 0.03% at 1.39743. The USDJPY down 0.12% at 105.54. The USDCHF up 0.04% at 0.89611. EURUSD up 0.06% at 1.20966, EUR/GBP up 0.09% at 0.86561. The USD/CNY down 0.17% at 6.4679, at the time of writing.

In the commodity market U.S Gold futures down 0.05% at $1,774.10. Elsewhere, Silver futures down 0.41% to $26.891 per ounce, Platinum down 0.80% at $1262.85 per ounce, and Palladium down 0.04% to $2,355.0.

Crude Oil down on Friday; Brent crude oil down 0.38% to $63.35 barrel while U.S. West Texas Intermediate (CLc1) is down 0.29% at $58.46.

In the Cryptocurrency Markets, BTCUSD at 51657.94 up 0.15%, Ethereum at 1915.84 down 1.20%, Litecoin at 226.98 up 0.08%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Kellogg Co up 2.585% at $59.53, KRAFT HEINZ Co. up 5.24% at $38.96, WALMART Inc down 6.481% to $137.66, APACHE Corp. down 5.672% to $17.63, MICRON TECHNOLOGY down 2.888% to $88.535, MODERNA Inc. down 4.068% at $169.57.

Economic news:

US: The United States will keep tariffs imposed on Chinese goods by the former Trump administration in place for now, but will evaluate how to proceed after a thorough review, Treasury Secretary Janet Yellen told CNBC on Thursday.

“For the moment, we have kept the tariffs in place that were put in by the Trump administration … and we’ll evaluate going forward what we think is appropriate,” Yellen told the cable news network, adding that Washington expected Beijing to adhere to its commitments on trade.

Asked if tariffs worked, Yellen hesitated, then said, “We’ll look at that.”

The White House last month said it would review all national security measures put in place by former President Donald Trump, including an interim trade deal with Beijing.

The deal eased tensions between the world’s two largest economies after a damaging trade war that U.S. experts estimate led to a peak loss of 245,000 U.S. jobs, but most of the tariffs remain in place on both sides.

Eurozone: The British state must take a bigger role in supporting businesses and the public, just as it did in the aftermath of World War Two, Labour Party leader Keir Starmer said on Thursday.

Starmer, who took over as leader of the main opposition party to Prime Minister Boris Johnson’s Conservatives in 2020, set out his alternative vision for the country’s post-Brexit and post-COVID future.

“I believe there’s a mood in the air which we don’t detect often in Britain. It was there in 1945 after the sacrifice of war, and it’s there again now,” he said. “It’s the determination that our collective sacrifice must lead to a better future.”

He proposed the creation of a “recovery bond” to allow the public to put their household savings into directly funding projects via the state-run National Infrastructure Bank.

Important Data: UK Retail Sales (MoM) (Jan) today at 2:0 this time estimated -2.5%, previously which was 0.3%. German Manufacturing PMI (Feb) today at 3:30 this time estimated 56.5, previously which was 57.1. UK          Manufacturing PMI today at 4:30 previously which was 54.1.           Core Retail Sales (MoM) (Dec) today at 8:30 this time estimated -2.0%, previously which was 2.1%.

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