#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.

Disclaimer:

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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.

[g86950332]

Weekly Market Insights and Currency Analysis for Traders – Rich Smart Finance

Welcome to our weekly market update brought to you by Rich Smart Finance. As we approach the conclusion of another trading week, let's delve into the latest market trends and currency analysis to empower your trading decisions.

Market Overview: The past week has been marked by a blend of economic data and geopolitical tensions influencing market sentiment. The US dollar witnessed a slowdown post the release of US jobless claims, fueling speculation about potential rate cuts. However, lingering concerns about labor market conditions continue to keep investors on edge.

US Economy: Recent data revealed that the US economy added 175,000 jobs in April, falling short of expectations. Concurrently, jobless claims rose, signaling potential challenges in the labor market. Despite this, corporate buybacks surged, providing a boost to equity markets.

Commodities: WTI crude oil and RBOB gasoline concluded the week on a higher note amidst escalating geopolitical tensions, notably in the Middle East. The Hamas-Israel conflict and disruptions to crude oil supplies have contributed to the elevation in oil prices.

Currency Analysis:

GOLD and SILVER: Both GOLD and SILVER have demonstrated bullish momentum, supported by robust volume.

DXY: The US dollar exhibited weakness, failing to breach crucial resistance levels. Further downside is anticipated if specific support levels are breached.

GBPUSD, AUDUSD, NZDUSD, EURUSD, USDJPY, USDCHF, and USDCAD: Each currency pair presents distinctive dynamics, with technical analysis suggesting potential price movements in the forthcoming sessions.

As we anticipate the upcoming trading week, it's imperative for traders to remain vigilant and adaptable. RichSmart Finance remains dedicated to providing insights and analysis to guide your trading strategies in today's dynamic market landscape.

Stay tuned for more updates and remember to trade wisely.

[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

[ankitjainofficial]

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

This channel is to share with you all Trading related updates with technical analysis on Nifty, BankNifty, Dow Jones, Nasdaq, Nikkei, Dax, Hangseng, Gold, Silver and Oil.

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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…

[cryptoheard]

Bitcoin Bounce Coincides With Possible Macro Reversal

Bitcoin Bounce Coincides With Possible Macro Reversal

In this episode of NewsBTC’s daily technical analysis videos, we compare Bitcoin price with the S&P 500, WTI Crude Oil, Gold, and the almighty dollar through the DXY. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022 Stock Market Correlation With Crypto Continues To start, comparing the S&P 500 against Bitcoin, shows that Bitcoin tends to top out prior to the…

[thegeekx]

Bitcoin Bounce Coincides With Possible Macro Reversal

Bitcoin Bounce Coincides With Possible Macro Reversal

In this episode of NewsBTC’s daily technical analysis videos, we compare Bitcoin price with the S&P 500, WTI Crude Oil, Gold, and the almighty dollar through the DXY. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022 Stock Market Correlation With Crypto Continues To start, comparing the S&P 500 against Bitcoin, shows that Bitcoin tends to top out prior to the…

[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…

[g86950332]

Weekly Market Insights and Currency Analysis for Traders – Axel Private Market

Welcome to our weekly market update brought to you by Axel Private Market. As we approach the end of another trading week, let's delve into the latest market trends and currency analysis to help you make informed trading decisions.

Market Overview: In the past week, we've witnessed a mix of economic data and geopolitical tensions shaping market sentiment. The US dollar experienced a slowdown following the release of US jobless claims, prompting speculation about potential rate cuts. However, concerns about labor market conditions persist, keeping investors cautious.

US Economy: Recent data showed that the US economy added 175,000 jobs in April, falling short of expectations. Additionally, jobless claims rose, signaling potential challenges in the labor market. Despite this, corporate buybacks surged, buoying equity markets.

Commodities: WTI crude oil and RBOB gasoline closed higher amid escalating geopolitical tensions, particularly in the Middle East. The Hamas-Israel conflict and disruptions to crude oil supplies have contributed to elevated oil prices.

Currency Analysis:

GOLD and SILVER: Both GOLD and SILVER have displayed bullish momentum, supported by strong volume.

DXY: The US dollar has shown weakness, failing to breach key resistance levels. Further downside is expected if specific support levels are breached.

GBPUSD, AUDUSD, NZDUSD, EURUSD, USDJPY, USDCHF, and USDCAD: Each currency pair presents unique dynamics, with technical analysis suggesting potential price movements in the upcoming sessions.

As we look ahead to the next trading week, it's crucial for traders to stay informed and adaptable. Axel Private Market remains committed to providing insights and analysis to guide your trading strategies in today's dynamic market environment.

Stay tuned for more updates and remember to trade wisely.

[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

[ankitjainofficial]

Gold Analysis Today | CRUDE OIL WTI Price Prediction | Gold Forecast |XAUUSD |XTIUSD Live Signals

Be a member of This "Ankit Jain-Official" youtube channel, where we will share Trading related updated on a Daily, Weekly, and Yearly basis with technical analysis on Nifty, BankNifty, DowJones, Nasdaq, Nikkei, Dax, Hangseng, Gold, Silver, and Oil.

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[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…)